Unassociated Document


    MASTR
      ASSET BACKED SECURITIES TRUST 2004-HE1

     

    _____________________

     

    AMENDMENT
      NO. 1 TO POOLING AND SERVICING AGREEMENT

     

    Dated
      as
      of April 25, 2006 

     

     

    _________________________

     

    MASTR
      Asset Backed Securities Trust 2004-HE1,

    Mortgage
      Pass-Through Certificates, Series 2004-HE1

     

    


     

    


     


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    



    AMENDMENT
      NO. 1

     

    AMENDMENT
      No. 1 (this “Amendment”) effective as of September 1, 2004 (the “Effective
      Date”) among MORTGAGE ASSET SECURITIZATION TRANSACTIONS, INC. (the “Depositor”),
      WELLS FARGO BANK, N.A. (the “Master Servicer” and the “Trust Administrator”) and
      U.S. BANK NATIONAL ASSOCIATION (the “Trustee”).

     

    PRELIMINARY
      STATEMENT

     

    WHEREAS,
      the Depositor, the Master Servicer, the Trust Administrator and the Trustee,
      are
      parties to the Pooling and Servicing Agreement, dated as of September 1, 2004
      (the “Agreement”); and

     

    WHEREAS,
      Section 11.01 of the Agreement provides that the Agreement may be amended by
      the
      Depositor, the Master Servicer, the Trust Administrator and the
      Trustee;

     

    WHEREAS,
      this Amendment has been executed in order to conform the definition of “Trigger
      Event” to the definition in the Term Sheet, which is attached hereto as Exhibit
      A;

     

    NOW,
      THEREFORE, in consideration of the foregoing and of other good and valuable
      consideration, the receipt and sufficiency of which is hereby acknowledged,
      the
      parties hereto agree as follows:

     

    1.  Capitalized
      terms used but not defined herein shall have the meanings ascribed to such
      terms
      in the Agreement.

     

    2.  Amendments

     

    The
      definition of “Trigger Event” shall be replaced in its entirety with the
      following:

     

    “Trigger
      Event”: A Trigger Event is in effect with respect to any Distribution Date on or
      after the Stepdown Date if: (a) the percentage obtained by dividing (x) the
      aggregate Stated Principal Balance of Mortgage Loans Delinquent 60 days or
      more
      or are in foreclosure, have been converted to REO Properties or have been
      discharged by reason of bankruptcy by (y) the aggregate Stated Principal Balance
      of the Mortgage Loans, in each case, as of the last day of the previous calendar
      month, is greater than 12.70%; (b) or the aggregate amount of Realized Losses
      incurred since the Cut-off Date through the last day of the related Due Period
      (reduced by the aggregate amount of Subsequent Recoveries received since the
      Cut-off Date through the last day of the related Due Period) divided by the
      aggregate principal balance of the Mortgage Loans as of the Cut-off Date exceeds
      the applicable percentages set forth below with respect to such Distribution
      Date:

    


    
      	
              Distribution
                Date Occurring In

            	
              Percentage

            
	
              October
                2007 through September 2008

            	
              2.00%

            
	
              October
                2008 through September 2009

            	
              2.50%

            
	
              October
                2009 through September 2010

            	
              3.00%

            
	
              October
                2010 and thereafter

            	
              3.25%

            


    

     

    3.  Except
      as
      expressly modified or amended in this Amendment, all of the terms, covenants,
      provisions, agreements and conditions of the Agreement are hereby ratified
      and
      confirmed in every respect and shall remain unmodified and unchanged and shall
      continue in full force and effect.

     

    4.  This
      Amendment shall become effective as of the date hereof when, and only when,
      the
      Agent shall have received executed counterparts of this Amendment from the
      parties hereto. 

     

    5.  This
      Amendment may be executed in counterparts, each of which shall be an original
      but all of which, taken together, shall constitute one and the same instrument.
      This Amendment shall be construed in accordance with the laws of the State
      of
      New York (excluding provisions regarding conflicts of laws) and the obligations,
      rights and remedies of the parties hereunder shall be determined in accordance
      with such laws.

     

    


     


    IN
      WITNESS WHEREOF, the parties have duly executed this Amendment No. 1 as of
      the
      date first above written.

    


     

    MORTGAGE
      ASSET SECURITIZATION TRANSACTIONS, INC.,

    as
      Depositor

     

    By:
      /s/
      Glenn McIntyre     

    Name:
      Glenn McIntyre

    Title: 
      Executive Director

     

    By:
      /s/
      Vadim Khoper     

    Name:
      Vadim Khoper

    Title: Associate
      Director

    


     

    WELLS
      FARGO BANK, N.A.,

    as
      Master
      Servicer

     

    By:
      /s/
      Peter A. Gobell     

    Name:
      Peter A. Gobell

    Title: Vice
      President

     

     

    WELLS
      FARGO BANK, N.A.,

    as
      Trust
      Administrator

     

    By:
      /s/
      Peter A. Gobell     

    Name:
      Peter A. Gobell

    Title: Vice
      President

     

     

    U.S.
      BANK
      NATIONAL ASSOCIATION, as Trustee


     

    By:
      /s/
      Shannon M. Rantz    

    Name:
      Shannon M. Rantz

    Title: 
      Vice
      President

     


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    


    EXHIBIT
      A

    


    TERM
      SHEET

    


    
       

       

      
        	 	 	
                

              


      

      ABS
        New Issue Term Sheet

      
        
          

        

      

      


      MASTR
        Asset Backed Securities Trust 2004-HE1

      Mortgage
        Pass-Through Certificates 

      


      [$661,544,000]

      (Approximate) 

      


      


      Wells
        Fargo Bank, N.A.

      (Master
        Servicer)

      


      Chase
        Manhattan Mortgage Corporation

      HomEq
        Servicing Corporation

      (Servicers)

       

      Mortgage
        Asset Securitization Transactions, Inc.

      (Depositor)

      


      UBS
        Real Estate Securities Inc.

      (Mortgage
        Loan Seller)

      


      September
        21, 2004

      


       

      ABC


      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      


      


      


      The
        analysis in this report is based on information provided by New Century Mortgage
        Corporation, Accredited Home Lenders, Mandalay Mortgage, Encore Credit
        Corporation, National City Mortgage and First Street Financial, Inc. (the
        “Originators”). UBS Securities LLC ("UBS") makes no representations as to the
        accuracy or completeness of the information contained herein. The information
        contained herein is qualified in its entirety by the information in the
        Prospectus and Prospectus Supplement for this transaction. The information
        contained herein is preliminary as of the date hereof, supersedes any previous
        information delivered to you by UBS and will be superseded by the applicable
        final Prospectus and Prospectus Supplement and any other information
        subsequently filed with the Securities and Exchange Commission. These materials
        are subject to change, completion, or amendment from time to time without
        notice, and UBS is under no obligation to keep you advised of such changes.
        These materials are not intended as an offer or solicitation with respect
        to the
        purchase or sale of any security. Any investment decision with respect to
        the
        securities should be made by you based upon the information contained in
        the
        final Prospectus Supplement and Prospectus relating to the securities. You
        should consult your own counsel, accountant, and other advisors as to the
        legal,
        tax, business, financial and related aspects of a purchase of these
        securities.

      


      The
        attached information contains certain tables and other statistical analyses
        (the
        "Computational Materials") which have been prepared by UBS in reliance upon
        information furnished by the Originators. They may not be provided to any
        third
        party other than the addressee's legal, tax, financial and/or accounting
        advisors for the purposes of evaluating said material. Numerous assumptions
        were
        used in preparing the Computational Materials which may or may not be reflected
        herein. As such, no assurance can be given as to the Computational Materials'
        accuracy, appropriateness or completeness in any particular context; nor
        as to
        whether the Computational Materials and/or the assumptions upon which they
        are
        based reflect present market conditions or future market performance. These
        Computational Materials should not be construed as either projections or
        predictions or as legal, tax, financial or accounting advice. Any weighted
        average lives, yields and principal payment periods shown in the Computational
        Materials are based on prepayment assumptions, and changes in such prepayment
        assumptions may dramatically affect such weighted average lives, yields and
        principal payment periods. In addition, it is possible that prepayments on
        the
        underlying assets will occur at rates slower or faster than the rates shown
        in
        the attached Computational Materials. Furthermore, unless otherwise provided,
        the Computational Materials assume no losses on the underlying assets and
        no
        interest shortfalls. The specific characteristics of the securities may differ
        from those shown in the Computational Materials due to differences between
        the
        actual underlying assets and the hypothetical underlying assets used in
        preparing the Computational Materials. The principal amount and designation
        of
        any security described in the Computational Materials are subject to change
        prior to issuance. Neither UBS nor any of its affiliates makes any
        representation or warranty as to the actual rate or timing of payments on
        any of
        the underlying assets or the payments or yield on the securities.

      


      THIS
        INFORMATION IS FURNISHED TO YOU SOLELY BY UBS AND NOT BY THE ISSUER OF THE
        SECURITIES OR ANY OF ITS AFFILIATES (OTHER THAN UBS). UBS IS ACTING AS
        UNDERWRITER AND NOT ACTING AS AGENT FOR THE ISSUER IN CONNECTION WITH THE
        PROPOSED TRANSACTION.

       

      
        
          
            
              This
                Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
                as
                appropriate (the “material”), was prepared solely by UBS Securities LLC (“UBS”),
                is privileged and confidential, is intended for use by the addressee
                only, and
                may not be provided to any third party other than the addressee’s legal, tax,
                financial and/or accounting advisors for the purposes of evaluating
                such
                information. This information is furnished to you solely by UBS and
                not by the
                Issuer of the securities or any of its affiliates. UBS is acting
                as Underwriter
                and not acting as Agent for the Issuer or its affiliates in connection
                with the
                proposed transaction. This material is provided for information purposes
                only,
                and does not constitute an offer to sell, nor a solicitation of an
                offer to buy,
                the referenced securities. It does not purport to be all-inclusive
                or to contain
                all of the information that a prospective investor may require to
                make a full
                analysis of the transaction. All information contained herein is
                preliminary and
                it is anticipated that such information will change. The information
                contained
                herein supersedes information contained in any prior material for
                this
                transaction. In addition, the information contained herein will be
                superseded by
                information contained in the Prospectus and Prospectus Supplement
                for this
                transaction and in any other material subsequently circulated and
                filed with the
                Securities and Exchange Commission. An offering may be made only
                through the
                delivery of the Prospectus and Prospectus Supplement.

            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

        
          	
                  MASTR
                    Asset Backed Securities Trust 2004-HE1

                  Mortgage
                    Pass-Through Certificates

                	
                  ABC

                


        



      MASTR
        Asset Backed Securities Trust 2004-HE1

      Mortgage
        Pass-Through Certificates

      [$661,544,000]
        (Approximate Offered Certificates)

      


      


      

        
          	
                  Structure
                    Overview

                
	 


        

        
          
            	
                     

                    Class(1,2)

                  	
                    Approx.

                    Size
                      ($)(3)

                  	
                    Certificate

                    Type

                  	
                    Expected
                      WAL

                    (years)

                    Call(4)
                      /
                      Mat(4)

                  	
                    Expected
                      Principal Window

                    Start(4)
                      -
                      Call(4)
                      -
                      Mat(4)

                  	
                    Legal
                      Final Distribution Date

                  	
                    Expected

                    Ratings

                    S&P/
                      M / F

                  
	
                    A-1(5)

                  	
                    284,834,000

                  	
                    FLT
                      / SEN

                  	
                    2.64
                      / 2.89

                  	
                    10/04
                      - 03/12 - 06/21

                  	
                    September
                      2034

                  	
                    AAA
                      / Aaa / AAA

                  
	
                    A-2(5)

                  	
                    157,216,000

                  	
                    FLT
                      / SEN

                  	
                    1.00
                      / 1.00

                  	
                    10/04
                      - 11/06 - 11/06

                  	
                    September
                      2034

                  	
                    AAA
                      / Aaa / AAA

                  
	
                    A-3(5)

                  	
                    63,886,000

                  	
                    FLT
                      / SEN

                  	
                    3.00
                      / 3.00

                  	
                    11/06
                      - 01/09 - 01/09

                  	
                    September
                      2034

                  	
                    AAA
                      / Aaa / AAA

                  
	
                    A-4(5)

                  	
                    63,731,000

                  	
                    FLT
                      / SEN

                  	
                    6.34
                      / 7.42

                  	
                    01/09
                      - 03/12 - 06/21

                  	
                    September
                      2034

                  	
                    AAA
                      / Aaa / AAA

                  
	
                    M-1(5,6)

                  	
                    30,738,000

                  	
                    FLT
                      / MEZ

                  	
                    5.04
                      / 5.56

                  	
                    12/07
                      - 03/12 - 10/17

                  	
                    September
                      2034

                  	
                    AA+
                      / Aa2 / AA+

                  
	
                    M-2(5,6)

                  	
                    9,355,000

                  	
                    FLT
                      / MEZ

                  	
                    5.03
                      / 5.50

                  	
                    12/07
                      - 03/12 - 09/16

                  	
                    September
                      2034

                  	
                    AA+
                      / Aa3 / AA+

                  
	
                    M-3(5,6)

                  	
                    6,682,000

                  	
                    FLT
                      / MEZ

                  	
                    5.01
                      / 5.46

                  	
                    11/07
                      - 03/12 - 03/16

                  	
                    September
                      2034

                  	
                    AA+
                      / A1 / AA+

                  
	
                    M-4(5,6)

                  	
                    6,348,000

                  	
                    FLT
                      / MEZ

                  	
                    5.01
                      / 5.43

                  	
                    11/07
                      - 03/12 - 10/15

                  	
                    September
                      2034

                  	
                    AA
                      / A2 / AA

                  
	
                    M-5(5,6)

                  	
                    6,014,000

                  	
                    FLT
                      / MEZ

                  	
                    5.01
                      / 5.40

                  	
                    11/07
                      - 03/12 - 06/15

                  	
                    September
                      2034

                  	
                    AA
                      / A3 / AA

                  
	
                    M-6(5,6)

                  	
                    6,014,000

                  	
                    FLT
                      / MEZ

                  	
                    5.01
                      / 5.36

                  	
                    11/07
                      - 03/12 - 12/14

                  	
                    September
                      2034

                  	
                    AA-
                      / NR / AA-

                  
	
                    M-7(5,6)

                  	
                    5,679,000

                  	
                    FLT
                      / MEZ

                  	
                    5.00
                      / 5.29

                  	
                    10/07
                      - 03/12 - 06/14

                  	
                    September
                      2034

                  	
                    A+
                      / NR / A+

                  
	
                    M-8(5,6)

                  	
                    5,011,000

                  	
                    FLT
                      / MEZ

                  	
                    4.99
                      / 5.21

                  	
                    10/07
                      - 03/12 - 11/13

                  	
                    September
                      2034

                  	
                    A
                      /
                      NR / A

                  
	
                    M-9(5,6)

                  	
                    6,682,000

                  	
                    FLT
                      / MEZ

                  	
                    4.99
                      / 5.08

                  	
                    10/07
                      - 03/12 - 03/13

                  	
                    September
                      2034

                  	
                    BBB+
                      / NR / BBB+

                  
	
                    M-10(5,6)

                  	
                    5,345,000

                  	
                    FLT
                      / MEZ

                  	
                    4.83
                      / 4.83

                  	
                    10/07
                      - 02/12 - 02/12

                  	
                    September
                      2034

                  	
                    BBB
                      / NR / BBB

                  
	
                    M-11(5,6)

                  	
                    4,009,000

                  	
                    FLT
                      / MEZ

                  	
                    4.39
                      / 4.39

                  	
                    10/07
                      - 10/10 - 10/10

                  	
                    September
                      2034

                  	
                    BBB-
                      / NR / BBB-

                  


          

        

        
          	 
	 
	
                  Notes:

                
	
                  (1)

                	
                  The
                    Certificates are backed by the cash flow from a pool of conforming
                    and
                    non-conforming balance, first and second lien, fixed-rate and
                    adjustable-rate Mortgage Loans.

                
	
                  (2)

                	
                  The
                    Certificates will be subject to the Net WAC Cap as described
                    herein.

                
	
                  (3)

                	
                  The
                    Approximate Size is subject to a permitted variance of plus or
                    minus
                    10%.

                
	
                  (4)

                	
                  See
                    the Pricing Speed below.

                
	
                  (5)

                	
                  After
                    the Optional Termination Date, the margin on the Class A-1, A-2,
                    A-3 and
                    A-4 Certificates will increase to 2.0x their initial margin,
                    the margin on
                    the Class M-1, M-2, M-3, M-4, M-5, M-6, M-7, M-8, M-9, M-10 and
                    M-11
                    Certificates will increase to 1.5x their initial
                    margin.

                
	
                  (6)

                	
                  The
                    Class M-1, M-2, M-3, M-4, M-5, M-6, M-7, M-8, M-9, M-10 and M-11
                    Certificates are not expected to receive any principal distributions
                    prior
                    to the Stepdown Date.

                


        

      

       

      
        	
                Pricing
                  Speed

              
	
                Fixed-Rate
                  Mortgage Loans

              	
                4%
                  CPR growing to 23% CPR over 12 months and 23% CPR
                  thereafter

              
	
                Adjustable-Rate
                  Mortgage Loans

              	
                27%
                  CPR

              


      

       

      
        	
                Transaction
                  Highlights

              


      

       

      
        	 	
                ·

              	
                The
                  Mortgage Loans consist of subprime fixed and adjustable rate, first
                  and
                  second lien residential Mortgage Loans originated by New Century
                  Mortgage
                  Corporation (41.02%), Accredited Home Lenders (23.45%), Mandalay
                  Mortgage
                  (16.63%), Encore Credit Corporation (15.10%), National City Mortgage
                  (2.19%), and First Street Financial, Inc.
                  (1.60%).

              


      

      
        	 	
                ·

              	
                The
                  transaction consists of a Senior/Mezz/OC structure.
                  

              


      

      
        	 	
                ·

              	
                The
                  Credit Enhancement for the Certificates will be provided through
                  Subordination, Overcollateralization of [1.00]%, Mortgage Insurance
                  and
                  Excess Spread.

              


      

      
        	 	
                ·

              	
                97.93%
                  of the Mortgage Loans will be serviced by Chase Manhattan Mortgage
                  Corporation (rated SQ1 by Moody’s, RPS1 by Fitch, and Strong by S&P)
                  and 2.07% of the Mortgage Loans will be serviced by HomEq Servicing
                  Corporation (rated SQ1 by Moody’s, RPS1 by Fitch, and Strong by S&P).
                  Wells Fargo will act as Master
                  Servicer.

              


      

      
        	 	
                ·

              	
                The
                  Murrayhill Company will act as Credit Risk
                  Manager.

              


      

      
        	 	
                ·

              	
                Mortgage
                  Guaranty Insurance Corporation (“MGIC”) (rated AA by S&P and Aa2 by
                  Moody’s) will provide Mortgage Insurance. The Mortgage Insurance will
                  provide coverage down to 60% LTV. Approximately 73.05% of the Mortgage
                  Loans above 60% LTV will be covered by MI.


              


      

      
        	 	
                ·

              	
                None
                  of the Mortgage Loans are classified as “High Cost”
                  loans.

              


      

      
        	 	
                ·

              	
                The
                  Certificates will be ERISA
                  eligible.

              


      

      
        	 	
                ·

              	
                None
                  of the Certificates will be SMMEA
                  eligible.

              


      

      
        	 	
                ·

              	
                All
                  numbers and percentages herein relating to the Mortgage Loans are
                  as of
                  the Cut-off Date.

              


      

      
        	 	
                ·

              	
                The
                  Certificates will be registered under a registration statement
                  filed with
                  the Securities and Exchange
                  Commission.

              


      

      
        	 	
                ·

              	
                Bloomberg:
                  MABS 2004-HE1

              


      

      
        	 	
                ·

              	
                Intex:
                  MABS04HE1

              


      

      


      

      
 

      
        	
                (1)
                  Excludes mortgage loans that were not scored.

              
	
                (2)
                  References to loan-to-value ratios are references to combined
                  loan-to-value ratios with respect to second lien Mortgage
                  Loans.

              
	
                (3)
                  All loans covered by MI assume 60% LTV. All loans not covered by
                  MI refers
                  to Original LTV.

              


      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        



      
        	
                Transaction
                  Overview

              
	 	 
	
                Issuer:

              	
                MASTR
                  Asset Backed Securities Trust 2004-HE1

              
	 	 
	
                Depositor:

              	
                Mortgage
                  Asset Securitization Transactions, Inc.

              
	 	 
	
                Mortgage
                  Loan Seller:

              	
                UBS
                  Real Estate Securities Inc.

              
	 	 
	
                Originators:

              	
                New
                  Century Mortgage Corporation, Accredited Home Lenders, Mandalay
                  Mortgage,
                  Encore Credit Corporation, National City Mortgage and First Street
                  Financial, Inc.

              
	 	 
	
                Master
                  Servicer:

              	
                Wells
                  Fargo Bank, N.A.

              
	 	 
	
                Servicers:

              	
                Chase
                  Manhattan Mortgage Corporation and HomEq Servicing
                  Corporation

              
	 	 
	
                Credit
                  Risk Manager:

              	
                The
                  Murrayhill Company

              
	 	 
	
                Trustee:

              	
                U.S.
                  Bank National Association

              
	 	 
	
                Trust
                  Administrator:

              	
                Wells
                  Fargo Bank, N.A.

              
	 	 
	
                Lead
                  Underwriter:

              	
                UBS
                  Securities LLC

              
	 	 
	
                Co-Manager:

              	
                KeyBanc
                  Capital Markets

              
	 	 
	
                Offered
                  Securities:

              	
                Approximately
                  [$569,667,000] senior floating-rate Certificates (“Class A Certificates”)
                  and approximately [$91,877,000] mezzanine floating-rate Certificates
                  (“Class M Certificates”). The Class A Certificates and the Class M
                  Certificates are backed by a pool of conforming and non-conforming,
                  first
                  and second lien, fixed-rate and adjustable-rate Mortgage Loans.
                  

              
	 	 
	
                Sequential
                  Certificates:

              	
                Class
                  A-2, Class A-3 and Class A-4 Certificates. The
                  Principal Distribution Amount of the Sequential Certificates will
                  be
                  distributed in sequential order until the Certificate Principal
                  Balances
                  thereof have been reduced to zero.

              
	 	 
	
                Collateral:

              	
                As
                  of the Cut-off Date, the Mortgage Loans will consist of 3,740
                  adjustable-rate and fixed-rate, first and second lien, closed-end,
                  mortgage loans totaling approximately $[668,232,051]. 

              
	 	 
	
                ERISA:

              	
                The
                  offered certificates will be ERISA eligible as of the Closing Date.
                  However, investors should consult with their counsel with respect
                  to the
                  consequences under ERISA and the Internal Revenue Code of an ERISA
                  Plan’s
                  acquisition and ownership of such Certificates.

              
	 	 
	
                SMMEA:

              	
                None
                  of the Certificates will constitute “mortgage related securities” for the
                  purposes of the Secondary Mortgage Market Enhancement Act of 1984
                  (“SMMEA”).

              
	 	 
	
                Taxation:

              	
                The
                  Trust will be established as one or more REMICs for federal income
                  tax
                  purposes.

              
	 	 
	
                Form
                  of Registration:

              	
                Book-entry
                  form through DTC, Clearstream and Euroclear.

              
	 	 
	
                Minimum
                  Denominations:

              	
                $25,000
                  and integral multiples of $1 in excess thereof.

              
	 	 


      


      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      


      


      
        	
                Transaction
                  Overview

              
	 	 
	
                Expected
                  Pricing:

              	
                On
                  or about September [23], 2004

              
	 	 
	
                Closing
                  Date:

              	
                On
                  or about September 29, 2004

              
	 	 
	
                Cut-off
                  Date:

              	
                September
                  1, 2004

              
	 	 
	
                Record
                  Date:

              	
                The
                  business day immediately preceding the Distribution
                  Date.

              
	 	 
	
                Distribution
                  Date:

              	
                The
                  25th
                  day of each month (or if such 25th
                  day is not a business day, the next succeeding business day) commencing
                  in
                  October 2004.

              
	 	 
	
                Determination
                  Date:

              	
                The
                  Determination Date with respect to any Distribution Date is on
                  the
                  15th
                  day of the month in which the Distribution Date occurs or, if such
                  day is
                  not a business day, the business day immediately preceding such
                  15th
                  day.

              
	 	 
	
                Due
                  Period:

              	
                The
                  Due Period with respect to any Distribution Date commences on the
                  second
                  day of the month immediately preceding the month in which the Distribution
                  Date occurs and ends on the first day of the month in which the
                  Distribution Date occurs.

              
	 	 
	
                Prepayment
                  Period:

              	
                The
                  Prepayment Period with respect to any Distribution Date is the
                  period
                  commencing on the day after the Determination Date in the month
                  preceding
                  the month in which such Distribution Date falls (or, in the case
                  of the
                  first Distribution Date, from September 1, 2004) and ending on
                  the
                  Determination Date of the calendar month in which such Distribution
                  Date
                  falls. 

              
	 	 
	
                Interest
                  Accrual Period:

              	
                Interest
                  will initially accrue from the Closing Date to (but excluding)
                  the first
                  Distribution Date, and thereafter, from the prior Distribution
                  Date to
                  (but excluding) the current Distribution Date based on an Actual/360
                  day
                  basis. The Class A Certificates and the Class M Certificates will
                  initially settle flat (no accrued interest).

              
	 	 
	
                Administrative
                  Fees:

              	
                The
                  Servicing Fee calculated at the Servicing Fee Rate of 0.50% per
                  annum, and
                  the Trustee Fee calculated at the Trustee Fee Rate of [0.0235%]
                  per annum,
                  and the Credit Risk Manager Fee calculated at the Credit Risk Manager
                  Fee
                  Rate of [0.015%] per annum and the Mortgage Insurance premium payable
                  on
                  the loans covered by the Mortgage Insurance policy. Administrative
                  Fees
                  will be paid monthly based on the stated principal balance of the
                  Mortgage
                  Loans.

              
	 	 
	
                Optional
                  Termination:

              	
                The
                  majority holder of the Class CE Certificates, (or if such majority
                  holder
                  fails to exercise its option, the Master Servicer or NIM Insurer,
                  if any)
                  may purchase all of the Mortgage Loans and REO properties and retire
                  the
                  certificates on or after the Optional Termination Date.

              
	 	 
	
                Optional
                  Termination Date:

              	
                The
                  first Distribution Date on which the aggregate principal balance
                  of the
                  Mortgage Loans, after giving effect to distributions to be made
                  on that
                  Distribution Date, is less than or equal to 10% of the aggregate
                  principal
                  balance of the Mortgage Loans as of the Cut-off Date.

              
	 	 


      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        	
                Credit
                  Enhancement

              
	 	 
	
                Credit
                  Enhancement:

              	
                1) Excess
                  interest

                2) Overcollateralization
                  (“OC”)

                3) Subordination

                4) Mortgage
                  Insurance

              
	 	 
	
                Overcollateralization
                  Target Amount:

              	
                With
                  respect to any Distribution Date, (i) prior to the Stepdown Date,
                  an
                  amount equal to [1.00]% of the aggregate outstanding principal
                  balance of
                  the Mortgage Loans as of the Closing Date, (ii) on or after the
                  Stepdown
                  Date provided a Trigger Event is not in effect, the greater of
                  (x) [2.00]%
                  of the then current aggregate outstanding principal balance of
                  the
                  Mortgage Loans as of the last day of the related Due Period and
                  (y)
                  approximately $[3,341,160] or (iii) if a Trigger Event is in effect,
                  the
                  Overcollateralization Target Amount for the immediately preceding
                  Distribution Date. The Overcollateralization Target Amount will
                  be fully
                  funded on the Closing Date.

              
	 	 
	
                Stepdown
                  Date:

              	
                The
                  earlier to occur of (i) the first Distribution Date on which the
                  aggregate
                  Certificate Principal Balance of the Class A Certificates has been
                  reduced
                  to zero and (ii) the later to occur of (A) the Distribution Date
                  in
                  October 2007 and (B) the date that the Credit Enhancement Percentage
                  (calculated for this purpose only after taking into account distributions
                  of principal on the Mortgage Loans, but prior to any distributions
                  of the
                  Principal Distribution Amount to the holders of the certificates
                  then
                  entitled to distributions of principal on such Distribution Date)
                  is
                  greater than or equal to [29.50]%. 

              
	 	 
	
                Credit
                  Enhancement Percentage:

              	
                The
                  Credit Enhancement Percentage for any class and any Distribution
                  Date is
                  the percentage obtained by dividing (x) the aggregate Certificate
                  Principal Balance of the class or classes subordinate thereto (including
                  the OC) by (y) the aggregate principal balance of the Mortgage
                  Loans,
                  calculated after taking into account distributions of principal
                  on the
                  Mortgage Loans and distribution of the Principal Distribution Amount
                  to
                  the holders of the certificates then entitled to distributions
                  of
                  principal on the Distribution Date.

              
	 	 
	 	
                CREDIT
                  ENHANCEMENT PERCENTAGE

              
	 	 	 	 
	 	
                Class

              	
                Closing
                  Date

              	
                After
                  Stepdown Date

              
	 	
                A

              	
                14.75%

              	
                29.50%

              
	 	
                M-1

              	
                10.15%

              	
                20.30%

              
	 	
                M-2

              	
                8.75%

              	
                17.50%

              
	 	
                M-3

              	
                7.75%

              	
                15.50%

              
	 	
                M-4

              	
                6.80%

              	
                13.60%

              
	 	
                M-5

              	
                5.90%

              	
                11.80%

              
	 	
                M-6

              	
                5.00%

              	
                10.00%

              
	 	
                M-7

              	
                4.15%

              	
                8.30%

              
	 	
                M-8

              	
                3.40%

              	
                6.80%

              
	 	
                M-9

              	
                2.40%

              	
                4.80%

              
	 	
                M-10

              	
                1.60%

              	
                3.20%

              
	 	
                M-11

              	
                1.00%

              	
                2.00%

              
	 	 


      

      


      
        	
                Credit
                  Enhancement

              


      

       

      
        	 	 
	
                Trigger
                  Event:

              	
                With
                  respect to any Distribution Date on or after the Stepdown Date, a Trigger
                  Event is in effect if (i) the percentage obtained by dividing the
                  aggregate Principal Balance of (1) Mortgage Loans delinquent 60
                  days or
                  more, (2) Mortgage Loans in foreclosure, (3) REO properties and
                  (4)
                  Mortgage Loans discharged due to bankruptcy by the aggregate principal
                  balance of the Mortgage Loans, in each case, as of the last day
                  of the
                  previous calendar month is greater than [12.70]% or

                (ii)
                  the aggregate amount of realized losses incurred since the Cut-off
                  Date
                  through the last day of the related Due Period divided by the aggregate
                  Principal Balance of the Mortgage Loans as of the Cut-off Date
                  exceeds the
                  approximate applicable percentages set forth below with respect
                  to such
                  payment date:

              
	 	 	 
	 	
                Payment
                  Date Occurring in

              	
                Percentage

              
	 	
                October
                  2007 through September 2008

              	
                [2.00]%

              
	 	
                October
                  2008 through September 2009

              	
                [2.50]%

              
	 	
                October
                  2009 through September 2010

              	
                [3.00]%

              
	 	
                October
                  2010 and thereafter

              	
                [3.25]%

              
	 	 


      


      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      


      


      
        	
                Payment
                  of Interest

              
	 	 
	
                Interest
                  Payment Priority:

              	
                On
                  each Distribution Date, the Interest Remittance Amount will be
                  distributed
                  in the following order of priority:

              


      

      
        	 	(i)	Concurrently, to the holders of the
                Class
                A-1, Class A-2, Class A-3 and the Class A-4 Certificates the Interest
                Distribution Amount for each such class. 
	 	(ii)	to the holders of the Class M-1 Certificates,
                the Interest Distribution Amount for such class;
	 	(iii)	to the holders of the Class M-2 Certificates,
                the Interest Distribution Amount for such class;
	 	(iv)	to the holders of the Class M-3 Certificates,
                the Interest Distribution Amount for such class;
	 	(v)	to the holders of the Class M-4 Certificates,
                the Interest Distribution Amount for such class;
	 	(vi)	to the holders of the Class M-5 Certificates,
                the Interest Distribution Amount for such class; 
	 	(vii)	to the holders of the Class M-6 Certificates,
                the Interest Distribution Amount for such class; 
	 	(viii)	to the holders of the Class M-7 Certificates,
                the Interest Distribution Amount for such class;
	 	(ix)	to the holders of the Class M-8 Certificates,
                the Interest Distribution Amount for such class;
	 	(x)	to the holders of the Class M-9 Certificates,
                the Interest Distribution Amount for such class;
	 	(xi)	to the holders of the Class M-10
                Certificates, the Interest Distribution Amount for such class;
                and
	 	(xii)	to the holders of the Class M-11
                Certificates, the Interest Distribution Amount for such
                class;


      

       

      
        	
                Servicing
                  Advances:

              	
                The
                  Servicer is required to advance delinquent payments of principal
                  and
                  interest on the Mortgage Loans to the extent such amounts are deemed
                  recoverable. The Servicer is entitled to reimbursement for these
                  advances,
                  and therefore these advances are not a form of credit
                  enhancement.

              
	 	 


      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      


      
        	
                Payment
                  of Interest

              
	 	 
	
                Basis
                  Risk Shortfall:

              	
                Because
                  the adjustable-rate Mortgage Loans are based mostly on 6-month
                  LIBOR, with
                  most having delayed first adjustments, and because the pass-through
                  rates
                  on the Class A and Class M Certificates are based on 1-month LIBOR,
                  the
                  application of the Net WAC Cap could result in shortfalls of interest
                  otherwise payable to such Certificates in certain periods. This
                  may also
                  occur if 6-month LIBOR and 1-month LIBOR rise quickly since the
                  Mortgage
                  Pool cash flows are constrained by interim caps. If Basis Risk
                  Shortfalls
                  occur, they will be carried forward (a “Net WAC Rate Carryover Amount”)
                  and such shortfalls will be paid on a subordinated basis on the
                  same
                  Distribution Date or on any subsequent Distribution
                  Date.

              
	 	 
	
                Net
                  WAC Cap:

              	
                The
                  per annum rate equal to the weighted average of the Expense Adjusted
                  Net
                  Mortgage Rates of the Mortgage Loans subject to adjustment based
                  on the
                  actual number of days elapsed in the related Interest Accrual
                  Period.

              
	 	 
	
                Expense
                  Adjusted Net Mortgage Rates:

              	
                The
                  per annum rate equal to the weighted average of the mortgage rates
                  of each
                  Mortgage Loan minus (a) the Trustee Fee Rate (b) the Servicing
                  Fee Rate
                  (c) the Credit Risk Manager Fee Rate and (d) the Mortgage Insurance
                  Fee
                  Rate.

              
	 	 


      

      


      
        	
                Payment
                  of Principal

              
	 	 
	
                Principal
                  Payment Priority:

              	
                On
                  each Distribution Date (a) prior to the Stepdown Date or (b) on
                  which a
                  Trigger Event is in effect, the Principal Distribution Amount shall
                  be
                  distributed as follows:

              


      

       

      
        	 	(i)	Pro Rata, based upon the outstanding
                Certificate Principal Balance, to the holders of the Class A-1
                Certificates and to the holders of the Sequential Certificates until
                the
                Certificate Principal Balances thereof have been reduced to zero;
                
	 	(ii)	to the holders of the Class M-1 Certificates,
                any Principal Distribution Amount remaining after the payment of
                (i),
                above until the Certificate Principal Balance thereof has been reduced
                to
                zero;
	 	(iii)	to the holders of the Class M-2 Certificates,
                any Principal Distribution Amount remaining after the payment of
                (i),
                (ii), above until the Certificate Principal Balance thereof has been
                reduced to zero;
	 	(iv)	to the holders of the Class M-3 Certificates,
                any Principal Distribution Amount remaining after the payment of
                (i),
                (ii), (iii), above until the Certificate Principal Balance thereof
                has
                been reduced to zero;
	 	(v)	to the holders of the Class M-4 Certificates,
                any Principal Distribution Amount remaining after the payment of
                (i),
                (ii), (iii), (iv), above until the Certificate Principal Balance
                thereof
                has been reduced to zero; 
	 	(vi) 	to the holders of the Class M-5 Certificates,
                any Principal Distribution Amount remaining after the payment of
                (i),
                (ii), (iii), (iv), (v), above until the Certificate Principal Balance
                thereof has been reduced to zero; 
	 	(vii)	to the holders of the Class M-6 Certificates,
                any Principal Distribution Amount remaining after the payment of
                (i),
                (ii), (iii), (iv), (v), (vi), above until the Certificate Principal
                Balance thereof has been reduced to zero;
	 	(viii)	to the holders of the Class M-7 Certificates,
                any Principal Distribution Amount remaining after the payment of
                (i),
                (ii), (iii), (iv), (v), (vi), (vii), above until the Certificate
                Principal
                Balance thereof has been reduced to zero;
	 	(ix)	to the holders of the Class M-8 Certificates,
                any Principal Distribution Amount remaining after the payment of
                (i),
                (ii), (iii), (iv), (v), (vi), (vii), (viii), above until the Certificate
                Principal Balance thereof has been reduced to zero;
	 	(x)	to the holders of the Class M-9 Certificates,
                any Principal Distribution Amount remaining after the payment of
                (i),
                (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix), above until the
                Certificate Principal Balance thereof has been reduced to
                zero;
	 	(xi) 	to the holders of the Class M-10
                Certificates, any Principal Distribution Amount remaining after the
                payment of (i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix),
                (x),
                above until the Certificate Principal Balance thereof has been reduced
                to
                zero; and
	 	(xii)	to the holders of the Class M-11
                Certificates, any Principal Distribution Amount remaining after the
                payment of (i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix),
                (x),
                (xi) above until the Certificate Principal Balance thereof has been
                reduced to zero.


      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        



      
        	
                Payment
                  of Principal

              
	 	 
	
                Principal
                  Payment 

                Priority
                  (continued):

              	
                On
                  each Distribution Date (a) on or after the Stepdown Date and (b)
                  on which
                  a Trigger Event is not in effect, the holders of the Class A Certificates
                  and the Class M Certificates shall be entitled to receive distributions
                  in
                  respect of principal to the extent of the Principal Distribution
                  Amount in
                  the following amounts and order of priority:

                 

                (i)          
                  To
                  the holders of the Class A Certificates (allocated among the Class
                  A
                  Certificates as described above), the Class A Principal Distribution
                  Amount; until the Certificate Principal Balances thereof have been
                  reduced
                  to zero. 

                (ii)          
                  to
                  the holders of the Class M-1 Certificates, the Class M-1 Principal
                  Distribution Amount, until the Certificate Principal Balance thereof
                  has
                  been reduced to zero;

                (iii)         
                  to
                  the holders of the Class M-2 Certificates, the Class M-2 Principal
                  Distribution Amount, until the Certificate Principal Balance thereof
                  has
                  been reduced to zero;

                (iv)        
                  to
                  the holders of the Class M-3 Certificates, the Class M-3 Principal
                  Distribution Amount, until the Certificate Principal Balance thereof
                  has
                  been reduced to zero;

                (v)         
                  to
                  the holders of the Class M-4 Certificates, the Class M-4 Principal
                  Distribution Amount, until the Certificate Principal Balance thereof
                  has
                  been reduced to zero;

              
	 	
                (vi)        
                  to
                  the holders of the Class M-5 Certificates, the Class M-5 Principal
                  Distribution Amount, until the Certificate Principal Balance thereof
                  has
                  been reduced to zero; 

                (vii)       
                  to
                  the holders of the Class M-6 Certificates, the Class M-6 Principal
                  Distribution Amount, until the Certificate Principal Balance thereof
                  has
                  been reduced to zero; 

                (viii)      
                  to
                  the holders of the Class M-7 Certificates, the Class M-7 Principal
                  Distribution Amount, until the Certificate Principal Balance thereof
                  has
                  been reduced to zero;

                (ix)         
                  to
                  the holders of the Class M-8 Certificates, the Class M-8 Principal
                  Distribution Amount, until the Certificate Principal Balance thereof
                  has
                  been reduced to zero;

                (x)          
                  to
                  the holders of the Class M-9 Certificates, the Class M-9 Principal
                  Distribution Amount, until the Certificate Principal Balance thereof
                  has
                  been reduced to zero;

                (xi)         
                  to
                  the holders of the Class M-10 Certificates, the Class M-10 Principal
                  Distribution Amount, until the Certificate Principal Balance thereof
                  has
                  been reduced to zero; and

                (xii)        
                  to
                  the holders of the Class M-11 Certificates, the Class M-11 Principal
                  Distribution Amount, until the Certificate Principal Balance thereof
                  has
                  been reduced to zero.

              
	 	 


      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                Payment
                  of Principal

              


      

       

      
        
          	
                  Monthly
                    Excess 

                  Cashflow
                    Distributions:

                	
                  With
                    respect to any Distribution Date, any Net Monthly Excess Cashflow
                    shall be
                    distributed as follows:

                
	 	 	 
	 	
                  (i)

                	
                  To
                    the holders of the class or classes of Certificates then entitled
                    to
                    receive distributions in respect of principal, in an amount equal
                    to the
                    Overcollateralization Increase Amount; 

                
	 	
                  (ii)

                	
                  to
                    the holders of the Class M-1 Certificates, in an amount equal
                    to the
                    Interest Carry Forward Amount allocable to such
                    Certificates;

                
	 	
                  (iii)

                	
                  to
                    the holders of the Class M-1 Certificates, in an amount equal
                    to the
                    previously allocated Realized Loss Amounts;

                
	 	
                  (iv)

                	
                  to
                    the holders of the Class M-2 Certificates, in an amount equal
                    to the
                    Interest Carry Forward Amount allocable to such
                    Certificates;

                
	 	
                  (v)

                	
                  to
                    the holders of the Class M-2 Certificates, in an amount equal
                    to the
                    previously allocated Realized Loss Amounts;

                
	 	
                  (vi)

                	
                  to
                    the holders of the Class M-3 Certificates, in an amount equal
                    to the
                    Interest Carry Forward Amount allocable to such
                    Certificates;

                
	 	
                  (vii)

                	
                  to
                    the holders of the Class M-3 Certificates, in an amount equal
                    to the
                    previously allocated Realized Loss Amounts;

                
	 	
                  (viii)

                	
                  to
                    the holders of the Class M-4 Certificates, in an amount equal
                    to the
                    Interest Carry Forward Amount allocable to such
                    Certificates;

                
	 	
                  (ix)

                	
                  to
                    the holders of the Class M-4 Certificates, in an amount equal
                    to the
                    previously allocated Realized Loss Amounts;

                
	 	
                  (x)

                	
                  to
                    the holders of the Class M-5 Certificates, in an amount equal
                    to the
                    Interest Carry Forward Amount allocable to such
                    Certificates;

                
	 	
                  (xi)

                	
                  to
                    the holders of the Class M-5 Certificates, in an amount equal
                    to the
                    previously allocated Realized Loss Amounts;

                
	 	
                  (xii)

                	
                  to
                    the holders of the Class M-6 Certificates, in an amount equal
                    to the
                    Interest Carry Forward Amount allocable to such Certificates;
                    

                
	 	
                  (xiii)

                	
                  to
                    the holders of the Class M-6 Certificates, in an amount equal
                    to the
                    previously allocated Realized Loss Amounts;

                
	 	
                  (xiv)

                	
                  to
                    the holders of the Class M-7 Certificates, in an amount equal
                    to the
                    Interest Carry Forward Amount allocable to such Certificates;
                    

                
	 	
                  (xv)

                	
                  to
                    the holders of the Class M-7 Certificates, in an amount equal
                    to the
                    previously allocated Realized Loss Amounts;

                
	 	
                  (xvi)

                	
                  to
                    the holders of the Class M-8 Certificates, in an amount equal
                    to the
                    Interest Carry Forward Amount allocable to such Certificates;
                    

                
	 	
                  (xvii)

                	
                  to
                    the holders of the Class M-8 Certificates, in an amount equal
                    to the
                    previously allocated Realized Loss
                    Amounts;

                


        

      


      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      


      


      
        	
                Payment
                  of Principal

              
	 	 


      

      
        
          	
                  Monthly
                    Excess 

                  Cashflow
                    Distributions:

                	
                  (xviii)

                	
                  to
                    the holders of the Class M-9 Certificates, in an amount equal
                    to the
                    

                  Interest
                    Carry Forward Amount allocable to such Certificates; 

                
	 	
                  (xix)

                	
                  to
                    the holders of the Class M-9 Certificates, in an amount equal
                    to the
                    previously allocated Realized Loss Amounts;

                
	 	
                  (xx)

                	
                  to
                    the holders of the Class M-10 Certificates, in an amount equal
                    to the
                    Interest Carry Forward Amount allocable to such Certificates;
                    

                
	 	
                  (xxi)

                	
                  to
                    the holders of the Class M-10 Certificates, in an amount equal
                    to the
                    previously allocated Realized Loss Amounts;

                
	 	
                  (xxii)

                	
                  to
                    the holders of the Class M-11 Certificates, in an amount equal
                    to the
                    Interest Carry Forward Amount allocable to such
                    Certificates;

                
	 	
                  (xxiii)

                	
                  to
                    the holders of the Class M-11 Certificates, in an amount equal
                    to the
                    previously allocated Realized Loss Amounts;

                
	 	
                  (xxiv)

                	
                  to
                    make payments to the Net WAC Rate Carryover Reserve Account,
                    to the extent
                    required, to distribute to the holders of the Class A and the
                    Class M
                    Certificates any Net WAC Rate Carryover Amounts for such classes;
                    and

                
	 	
                  (xxv)

                	
                  to
                    the holders of the Class CE, Class R and Class P Certificates
                    as provided
                    in the Pooling and Servicing
                    Agreement.

                


        

      

       

      
 

      
        	
                Payment
                  of Principal

              
	 	 
	
                Principal
                  Distribution Amount:

              	
                The
                  Principal Distribution Amount for any Distribution Date will be
                  the sum of
                  (i) the principal portion of all scheduled monthly payments on
                  the
                  Mortgage Loans due during the related Due Period, whether or not
                  received
                  on or prior to the related Determination Date; (ii) the principal
                  portion
                  of all proceeds received in respect of the repurchase of a Mortgage
                  Loan
                  (or, in the case of a substitution, certain amounts representing
                  a
                  principal adjustment) as required by the Pooling and Servicing
                  Agreement
                  during the related Prepayment Period; (iii) the principal portion
                  of all
                  other unscheduled collections, including insurance proceeds, liquidation
                  proceeds and all full and partial principal prepayments, received
                  during
                  the related Prepayment Period, to the extent applied as recoveries
                  of
                  principal on the Mortgage Loans, and (iv) any Overcollateralization
                  Increase Amount.

              
	 	 


      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        	
                Payment
                  of Principal

              
	 	 
	
                Class
                  A Principal Distribution Amount:

              	
                The
                  “Class A Principal Distribution Amount” is an amount equal to the excess
                  of (x) the aggregate Certificate Principal Balance of the Class
                  A
                  Certificates immediately prior to such Distribution Date over (y)
                  the
                  lesser of (A) the product of (i) approximately 70.50% and (ii)
                  the
                  aggregate principal balance of the Mortgage Loans as of the last
                  day of
                  the related Due Period and (B) the aggregate principal balance
                  of the
                  Mortgage Loans as of the last day of the related Due Period minus
                  approximately $3,341,160.

              
	 	 
	
                Class
                  M-1 Principal Distribution Amount:

              	
                The
                  “Class M-1 Principal Distribution Amount” is an amount equal to the excess
                  of (x) the sum of (i) the aggregate Certificate Principal Balance
                  of the
                  Class A Certificates (after taking into account the payment of
                  the Class A
                  Principal Distribution Amount on such Distribution Date) and (ii)
                  the
                  Certificate Principal Balance of the Class M-1 Certificates immediately
                  prior to such Distribution Date over (y) the lesser of (A) the
                  product of
                  (i) approximately 79.70% and (ii) the aggregate principal balance
                  of the
                  Mortgage Loans as of the last day of the related Due Period and
                  (B) the
                  aggregate principal balance of the Mortgage Loans as of the last
                  day of
                  the related Due Period minus approximately $3,341,160.

              
	 	 
	
                Class
                  M-2 Principal Distribution Amount:

              	
                The
                  “Class M-2 Principal Distribution Amount” is an amount equal to the excess
                  of (x) the sum of (i) the aggregate Certificate Principal Balance
                  of the
                  Class A and Class M-1 Certificates (after taking into account the
                  payment
                  of the Class A and Class M-1 Principal Distribution Amounts on
                  such
                  Distribution Date) and (ii) the Certificate Principal Balance of
                  the Class
                  M-2 Certificates immediately prior to such Distribution Date over
                  (y) the
                  lesser of (A) the product of (i) approximately 82.50% and (ii)
                  the
                  aggregate principal balance of the Mortgage Loans as of the last
                  day of
                  the related Due Period and (B) the aggregate principal balance
                  of the
                  Mortgage Loans as of the last day of the related Due Period minus
                  approximately $3,341,160.

              
	 	 
	
                Class
                  M-3 Principal Distribution Amount:

              	
                The
                  “Class M-3 Principal Distribution Amount” is an amount equal to the excess
                  of (x) the sum of (i) the aggregate Certificate Principal Balance
                  of the
                  Class A, Class M-1, and Class M-2 Certificates (after taking into
                  account
                  the payment of the Class A, Class M-1, and Class M-2 Principal
                  Distribution Amounts on such Distribution Date) and (ii) the Certificate
                  Principal Balance of the Class M-3 Certificates immediately prior
                  to such
                  Distribution Date over (y) the lesser of (A) the product of (i)
                  approximately 84.50% and (ii) the aggregate principal balance of
                  the
                  Mortgage Loans as of the last day of the related Due Period and
                  (B) the
                  aggregate principal balance of the Mortgage Loans as of the last
                  day of
                  the related Due Period minus approximately $3,341,160.

              
	 	 


      

      


      


      
        	
                Payment
                  of Principal

              
	 	 
	
                Class
                  M-4 Principal Distribution Amount:

              	
                The
                  “Class M-4 Principal Distribution Amount” is an amount equal to the excess
                  of (x) the sum of (i) the aggregate Certificate Principal Balance
                  of the
                  Class A, Class M-1, Class M-2 and Class M-3 Certificates (after
                  taking
                  into account the payment of the Class A, Class M-1, Class M-2 and
                  Class
                  M-3 Principal Distribution Amounts on such Distribution Date) and
                  (ii) the
                  Certificate Principal Balance of the Class M-4 Certificates immediately
                  prior to such Distribution Date over (y) the lesser of (A) the
                  product of
                  (i) approximately 86.40% and (ii) the aggregate principal balance
                  of the
                  Mortgage Loans as of the last day of the related Due Period and
                  (B) the
                  aggregate principal balance of the Mortgage Loans as of the last
                  day of
                  the related Due Period minus approximately $3,341,160.

              
	 	 
	
                Class
                  M-5 Principal Distribution Amount:

              	
                The
                  “Class M-5 Principal Distribution Amount” is an amount equal to the excess
                  of (x) the sum of (i) the aggregate Certificate Principal Balance
                  of the
                  Class A, Class M-1, Class M-2, Class M-3 and Class M-4 Certificates
                  (after
                  taking into account the payment of the Class A, Class M-1, Class
                  M-2,
                  Class M-3 and Class M-4 Principal Distribution Amounts on such
                  Distribution Date) and (ii) the Certificate Principal Balance of
                  the Class
                  M-5 Certificates immediately prior to such Distribution Date over
                  (y) the
                  lesser of (A) the product of (i) approximately 88.20% and (ii)
                  the
                  aggregate principal balance of the Mortgage Loans as of the last
                  day of
                  the related Due Period and (B) the aggregate principal balance
                  of the
                  Mortgage Loans as of the last day of the related Due Period minus
                  approximately $3,341,160.

              
	 	 
	
                Class
                  M-6 Principal Distribution Amount:

              	
                The
                  “Class M-6 Principal Distribution Amount” is an amount equal to the excess
                  of (x) the sum of (i) the aggregate Certificate Principal Balance
                  of the
                  Class A, Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5
                  Certificates (after taking into account the payment of the Class
                  A, Class
                  M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Principal Distribution
                  Amounts on such Distribution Date) and (ii) the Certificate Principal
                  Balance of the Class M-6 Certificates immediately prior to such
                  Distribution Date over (y) the lesser of (A) the product of (i)
                  approximately 90.00% and (ii) the aggregate principal balance of
                  the
                  Mortgage Loans as of the last day of the related Due Period and
                  (B) the
                  aggregate principal balance of the Mortgage Loans as of the last
                  day of
                  the related Due Period minus approximately $3,341,160.

              
	 	 
	
                Class
                  M-7 Principal Distribution Amount:

              	
                The
                  “Class M-7 Principal Distribution Amount” is an amount equal to the excess
                  of (x) the sum of (i) the aggregate Certificate Principal Balance
                  of the
                  Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5
                  and Class
                  M-6 Certificates (after taking into account the payment of the
                  Class A,
                  Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class
                  M-6
                  Principal Distribution Amounts on such Distribution Date) and (ii)
                  the
                  Certificate Principal Balance of the Class M-7 Certificates immediately
                  prior to such Distribution Date over (y) the lesser of (A) the
                  product of
                  (i) approximately 91.70% and (ii) the aggregate principal balance
                  of the
                  Mortgage Loans as of the last day of the related Due Period and
                  (B) the
                  aggregate principal balance of the Mortgage Loans as of the last
                  day of
                  the related Due Period minus approximately $3,341,160.

              
	 	 


      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        



      


      
        	
                Payment
                  of Principal

              
	 	 
	
                Class
                  M-8 Principal Distribution Amount:

              	
                The
                  “Class M-8 Principal Distribution Amount” is an amount equal to the excess
                  of (x) the sum of (i) the aggregate Certificate Principal Balance
                  of the
                  Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
                  Class M-6
                  and Class M-7 Certificates (after taking into account the payment
                  of the
                  Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
                  Class M-6
                  and Class M-7 Principal Distribution Amounts on such Distribution
                  Date)
                  and (ii) the Certificate Principal Balance of the Class M-8 Certificates
                  immediately prior to such Distribution Date over (y) the lesser
                  of (A) the
                  product of (i) approximately 93.20% and (ii) the aggregate principal
                  balance of the Mortgage Loans as of the last day of the related
                  Due Period
                  and (B) the aggregate principal balance of the Mortgage Loans as
                  of the
                  last day of the related Due Period minus approximately
                  $3,341,160.

              
	 	 
	
                Class
                  M-9 Principal Distribution Amount:

              	
                The
                  “Class M-9 Principal Distribution Amount” is an amount equal to the excess
                  of (x) the sum of (i) the aggregate Certificate Principal Balance
                  of the
                  Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,
                  Class M-6,
                  Class M-7 and Class M-8 Certificates (after taking into account
                  the
                  payment of the Class A, Class M-1, Class M-2, Class M-3, Class
                  M-4, Class
                  M-5, Class M-6, Class M-7 and Class M-8 Principal Distribution
                  Amounts on
                  such Distribution Date) and (ii) the Certificate Principal Balance
                  of the
                  Class M-9 Certificates immediately prior to such Distribution Date
                  over
                  (y) the lesser of (A) the product of (i) approximately 95.20% and
                  (ii) the
                  aggregate principal balance of the Mortgage Loans as of the last
                  day of
                  the related Due Period and (B) the aggregate principal balance
                  of the
                  Mortgage Loans as of the last day of the related Due Period minus
                  approximately $3,341,160.

              
	 	 
	
                Class
                  M-10 Principal Distribution Amount:

              	
                The
                  “Class M-10 Principal Distribution Amount” is an amount equal to the
                  excess of (x) the sum of (i) the aggregate Certificate Principal
                  Balance
                  of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class
                  M-5,
                  Class M-6, Class M-7, Class M-8 and Class M-9 Certificates (after
                  taking
                  into account the payment of the Class A, Class M-1, Class M-2,
                  Class M-3,
                  Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class
                  M-9
                  Principal Distribution Amounts on such Distribution Date) and (ii)
                  the
                  Certificate Principal Balance of the Class M-10 Certificates immediately
                  prior to such Distribution Date over (y) the lesser of (A) the
                  product of
                  (i) approximately 96.80% and (ii) the aggregate principal balance
                  of the
                  Mortgage Loans as of the last day of the related Due Period and
                  (B) the
                  aggregate principal balance of the Mortgage Loans as of the last
                  day of
                  the related Due Period minus approximately $3,341,160.

              
	 	 
	
                Class
                  M-11 Principal Distribution Amount:

              	
                The
                  “Class M-11 Principal Distribution Amount” is an amount equal to the
                  excess of (x) the sum of (i) the aggregate Certificate Principal
                  Balance
                  of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class
                  M-5,
                  Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates
                  (after taking into account the payment of the Class A, Class M-1,
                  Class
                  M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class
                  M-8,
                  Class M-9 and Class M-10 Principal Distribution Amounts on such
                  Distribution Date) and (ii) the Certificate Principal Balance of
                  the Class
                  M-11 Certificates immediately prior to such Distribution Date over
                  (y) the
                  lesser of (A) the product of (i) approximately 98.00% and (ii)
                  the
                  aggregate principal balance of the Mortgage Loans as of the last
                  day of
                  the related Due Period and (B) the aggregate principal balance
                  of the
                  Mortgage Loans as of the last day of the related Due Period minus
                  approximately $3,341,160.

              
	 	 


      


      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      


      


      
        	
                Description
                  of the Total Mortgage
                  Loans

              


      

      


      


      
        	
                Collateral
                  Summary

              
	
                 

              	
                 

              	
                 

              
	
                Statistics
                  for the adjustable-rate and fixed-rate mortgage loans listed below
                  are
                  based on their September 1, 2004 scheduled balances respectively
                  (except
                  for Fico and Debt-to-Income which are based at
                  origination.)

              
	
                 

              	
                Summary
                  Statistics

              	
                Range
                  (if applicable)

              
	
                Number
                  of Mortgage Loans:

              	
                3,740

              	 
	
                Aggregate
                  Current Principal Balance:

              	
                $668,232,051
                  

              	 
	
                Average
                  Current Principal Balance:

              	
                $178,672
                  

              	
                $19,622
                  

              	
                -

              	
                $747,951
                  

              
	
                Aggregate
                  Original Principal Balance:

              	
                $670,893,151
                  

              	 
	
                Average
                  Original Principal Balance:

              	
                $179,383
                  

              	
                $20,000
                  

              	
                -

              	
                $750,000
                  

              
	
                Fully
                  Amortizing Mortgage Loans:

              	
                88.55%

              	 
	
                Interest
                  Only Loans:

              	
                11.45%

              	 
	
                1st
                  Lien:

              	
                98.29%

              	 
	
                Wtd.
                  Avg. Gross Coupon:

              	
                6.953%

              	
                4.750%

              	
                -

              	
                11.500%

              
	
                Wtd.
                  Avg. Original Term (months):

              	
                353

              	
                120

              	
                -

              	
                360

              
	
                Wtd.
                  Avg. Remaining Term (months):

              	
                348

              	
                114

              	
                -

              	
                360

              
	
                Margin
                  (ARM Loans Only):

              	
                5.636%

              	
                1.000%

              	
                -

              	
                9.990%

              
	
                Maximum
                  Interest Rate (ARM Loans Only):

              	
                13.726%

              	
                11.000%

              	
                -

              	
                17.990%

              
	
                Minimum
                  Interest Rate (ARM Loans Only):

              	
                6.947%

              	
                4.750%

              	
                -

              	
                10.990%

              
	
                Wtd.
                  Avg. Original LTV (1):

              	
                81.06%

              	
                12.28%

              	
                -

              	
                100.00%

              
	
                Wtd.
                  Avg. Effective LTV (1)(2)
                  :

              	
                65.83%

              	
                12.28%

              	
                -

              	
                100.00%

              
	
                Wtd.
                  Avg. Borrower FICO(3):

              	
                618

              	
                500

              	
                -

              	
                813

              
	
                Wtd.
                  Avg. Debt to Income Ratio:

              	
                40.27%

              	 
	
                Geographic
                  Distribution (Top 5):

              	
                California

              	
                46.44%

              	 
	
                 

              	
                Florida

              	
                6.34%

              	 
	
                 

              	
                New
                  York

              	
                5.89%

              	 
	
                 

              	
                Illinois

              	
                3.87%

              	 
	
                 

              	 	
                Texas

              	
                2.77%

              	 	 	
                 

              


      

      


       

      
        	
                (1)
                  References to loan-to-value ratios are references to combined
                  loan-to-value ratios with respect to second lien Mortgage
                  Loans.

              
	
                (2)
                  All loans covered by MI assume 60% LTV. All loans not covered by
                  MI refers
                  to Original LTV.

              
	
                (3)
                  Excludes
                  mortgage loans that were not scored.

              
	 


      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        	
                Description
                  of the Total Mortgage
                  Loans

              


      

       

      
        
          	
                  Distribution
                    By Originator

                
	
                  Originator

                	
                  Number
                    of Loans 

                	
                  Unpaid
                    Principal 

                  Balance
                    ($)

                	
                  %
                    of Pool by Principal Balance

                	
                  Avg.
                    Principal Balance ($)

                	
                  Wtd.
                    Avg. Gross Coupon (%)

                	
                  Wtd.
                    Avg. Orig. LTV (%)

                	
                  Wtd.
                    Avg. FICO

                	
                  %
                    Full Doc Loan

                	
                  %
                    2nd Lien

                
	
                  Encore
                    Credit Corp.

                	
                  537
                    

                	
                  100,913,013
                    

                	
                  15.10

                	
                  187,920
                    

                	
                  7.033

                	
                  80.00

                	
                  608

                	
                  50.16

                	
                  0.08

                
	
                  National
                    City Mortgage

                	
                  93
                    

                	
                  14,618,490
                    

                	
                  2.19

                	
                  157,188
                    

                	
                  7.102

                	
                  89.94

                	
                  628

                	
                  81.09

                	
                  0.00

                
	
                  New
                    Century Mortgage

                	
                  1,657
                    

                	
                  274,141,738
                    

                	
                  41.02

                	
                  165,445
                    

                	
                  6.973

                	
                  81.51

                	
                  615

                	
                  32.24

                	
                  2.56

                
	
                  Accredited
                    Home Lenders

                	
                  980
                    

                	
                  156,719,743
                    

                	
                  23.45

                	
                  159,918
                    

                	
                  7.229

                	
                  82.00

                	
                  605

                	
                  68.50

                	
                  0.00

                
	
                  First
                    Street Financial

                	
                  47
                    

                	
                  10,708,750
                    

                	
                  1.60

                	
                  227,846
                    

                	
                  7.189

                	
                  77.72

                	
                  621

                	
                  53.26

                	
                  4.33

                
	
                  Mandalay
                    Mortgage

                	
                  426
                    

                	
                  111,130,317

                	
                  16.63

                	
                  260,869

                	
                  6.397

                	
                  78.75

                	
                  650

                	
                  44.42

                	
                  3.44

                
	
                  Total:

                	
                  3,740
                    

                	
                  668,232,051
                    

                	
                  100.00

                	
                  178,672
                    

                	
                  6.953

                	
                  81.06

                	
                  618

                	
                  46.88

                	
                  1.71

                


        

      

      


      

        
          	
                  Distribution
                    By Current Unpaid Principal Balance

                
	
                  Current
                    Unpaid Principal 

                  Balance
                    ($)

                	
                  Number
                    of 

                  Loans
                    

                	
                  Unpaid
                    Principal Balance ($)

                	
                  %
                    of Pool by Principal Balance

                	
                  Avg
                    .Principal Balance ($)

                	
                  Wtd.
                    Avg. Gross Coupon (%)

                	
                  Wtd.
                    Avg. Orig. LTV (%)

                	
                  Wtd.
                    Avg. FICO

                	
                  %
                    Full

                  Doc
                    Loan

                	
                  %
                    2nd Lien

                
	
                  50,000
                    or less

                	
                  129
                    

                	
                  5,417,442
                    

                	
                  0.81

                	
                  41,996

                	
                  8.713

                	
                  84.56

                	
                  637

                	
                  51.30

                	
                  47.65

                
	
                  50,001
                    - 100,000

                	
                  879
                    

                	
                  67,112,581

                	
                  10.04

                	
                  76,351

                	
                  7.833

                	
                  81.87

                	
                  609

                	
                  56.55

                	
                  10.54

                
	
                  100,001
                    - 150,000

                	
                  859
                    

                	
                  106,693,163

                	
                  15.97

                	
                  124,206

                	
                  7.229

                	
                  80.78

                	
                  602

                	
                  54.80

                	
                  1.63

                
	
                  150,001
                    - 200,000

                	
                  635
                    

                	
                  110,926,345

                	
                  16.60

                	
                  174,687

                	
                  7.019

                	
                  80.61

                	
                  611

                	
                  47.07

                	
                  0.00

                
	
                  200,001
                    - 250,000

                	
                  435
                    

                	
                  97,691,310

                	
                  14.62

                	
                  224,578

                	
                  6.882

                	
                  79.84

                	
                  613

                	
                  42.55

                	
                  0.00

                
	
                  250,001
                    - 300,000

                	
                  298
                    

                	
                  81,688,341

                	
                  12.22

                	
                  274,122

                	
                  6.692

                	
                  81.52

                	
                  621

                	
                  44.49

                	
                  0.00

                
	
                  300,001
                    - 350,000

                	
                  182
                    

                	
                  58,882,477

                	
                  8.81

                	
                  323,530

                	
                  6.562

                	
                  81.73

                	
                  624

                	
                  46.44

                	
                  0.00

                
	
                  350,001
                    - 400,000

                	
                  135
                    

                	
                  50,780,530

                	
                  7.60

                	
                  376,152

                	
                  6.666

                	
                  82.43

                	
                  633

                	
                  33.19

                	
                  0.00

                
	
                  400,001
                    - 450,000

                	
                  84
                    

                	
                  35,750,098

                	
                  5.35

                	
                  425,596

                	
                  6.450

                	
                  82.48

                	
                  647

                	
                  36.70

                	
                  0.00

                
	
                  450,001
                    - 500,000

                	
                  68
                    

                	
                  32,432,355

                	
                  4.85

                	
                  476,946

                	
                  6.543

                	
                  81.43

                	
                  638

                	
                  45.72

                	
                  0.00

                
	
                  500,001
                    - 550,000

                	
                  16
                    

                	
                  8,412,987

                	
                  1.26

                	
                  525,812

                	
                  6.603

                	
                  79.14

                	
                  641

                	
                  44.13

                	
                  0.00

                
	
                  550,001
                    - 600,000

                	
                  10
                    

                	
                  5,814,808

                	
                  0.87

                	
                  581,481

                	
                  6.533

                	
                  80.77

                	
                  617

                	
                  70.15

                	
                  0.00

                
	
                  600,001
                    - 650,000

                	
                  5
                    

                	
                  3,166,077

                	
                  0.47

                	
                  633,215

                	
                  7.180

                	
                  70.33

                	
                  623

                	
                  59.56

                	
                  0.00

                
	
                  650,001
                    - 700,000

                	
                  3
                    

                	
                  2,005,586

                	
                  0.30

                	
                  668,529

                	
                  5.721

                	
                  79.86

                	
                  636

                	
                  32.95

                	
                  0.00

                
	
                  700,001
                    - 750,000

                	
                  2
                    

                	
                  1,457,951

                	
                  0.22

                	
                  728,975

                	
                  6.130

                	
                  61.79

                	
                  720

                	
                  100.00

                	
                  0.00

                
	
                  Total:

                	
                  3,740
                    

                	
                  668,232,051
                    

                	
                  100.00

                	
                  178,672
                    

                	
                  6.953

                	
                  81.06

                	
                  618

                	
                  46.88

                	
                  1.71

                


        

      

       

       

      
        	
                Description
                  of the Total Mortgage
                  Loans

              


      

       

      
        	
                Distribution
                  By Gross Coupon

              
	
                Gross
                  Coupon (%)

              	
                Number
                  of

                 Loans
                  

              	
                Unpaid
                  Principal 

                Balance
                  ($)

              	
                %
                  of Pool by Principal Balance

              	
                Avg.
                  Principal Balance ($)

              	
                Wtd.
                  Avg. Gross Coupon (%)

              	
                Wtd.
                  Avg. Orig. LTV (%)

              	
                Wtd.
                  Avg. FICO

              	
                %
                  Full Doc Loan

              	
                %
                  2nd Lien

              
	
                4.501
                  - 5.000

              	
                20
                  

              	
                5,766,345
                  

              	
                0.86

              	
                288,317
                  

              	
                4.933

              	
                77.93

              	
                676

              	
                43.88

              	
                0.00

              
	
                5.001
                  - 5.500

              	
                122
                  

              	
                30,803,368

              	
                4.61

              	
                252,487

              	
                5.390

              	
                77.85

              	
                660

              	
                53.98

              	
                0.00

              
	
                5.501
                  - 6.000

              	
                409
                  

              	
                94,412,965

              	
                14.13

              	
                230,839

              	
                5.853

              	
                77.41

              	
                653

              	
                53.45

              	
                0.00

              
	
                6.001
                  - 6.500

              	
                563
                  

              	
                121,595,917

              	
                18.20

              	
                215,979

              	
                6.309

              	
                79.61

              	
                643

              	
                46.51

              	
                0.00

              
	
                6.501
                  - 7.000

              	
                768
                  

              	
                150,922,095

              	
                22.59

              	
                196,513

              	
                6.813

              	
                82.12

              	
                620

              	
                42.65

              	
                0.00

              
	
                7.001
                  - 7.500

              	
                555
                  

              	
                91,371,064

              	
                13.67

              	
                164,633

              	
                7.301

              	
                82.97

              	
                597

              	
                47.41

              	
                0.06

              
	
                7.501
                  - 8.000

              	
                556
                  

              	
                90,367,583

              	
                13.52

              	
                162,532

              	
                7.808

              	
                82.12

              	
                577

              	
                49.07

              	
                0.03

              
	
                8.001
                  - 8.500

              	
                271
                  

              	
                36,127,201

              	
                5.41

              	
                133,311

              	
                8.287

              	
                82.33

              	
                572

              	
                43.71

              	
                0.64

              
	
                8.501
                  - 9.000

              	
                240
                  

              	
                27,661,078

              	
                4.14

              	
                115,254

              	
                8.803

              	
                81.55

              	
                578

              	
                45.01

              	
                7.35

              
	
                9.001
                  - 9.500

              	
                82
                  

              	
                7,720,878

              	
                1.16

              	
                94,157

              	
                9.288

              	
                86.28

              	
                594

              	
                51.87

              	
                24.23

              
	
                9.501
                  - 10.000

              	
                63
                  

              	
                5,193,423

              	
                0.78

              	
                82,435

              	
                9.796

              	
                85.67

              	
                613

              	
                35.24

              	
                43.58

              
	
                10.001
                  - 10.500

              	
                70
                  

              	
                4,700,479

              	
                0.70

              	
                67,150

              	
                10.248

              	
                96.62

              	
                674

              	
                10.44

              	
                90.09

              
	
                10.501
                  - 11.000

              	
                18
                  

              	
                1,393,260

              	
                0.21

              	
                77,403

              	
                10.767

              	
                89.09

              	
                620

              	
                29.76

              	
                40.12

              
	
                11.001
                  - 11.500

              	
                3
                  

              	
                196,394

              	
                0.03

              	
                65,465

              	
                11.414

              	
                85.43

              	
                673

              	
                40.92

              	
                59.08

              
	
                Total:

              	
                3,740
                  

              	
                668,232,051
                  

              	
                100.00

              	
                178,672
                  

              	
                6.953

              	
                81.06

              	
                618

              	
                46.88

              	
                1.71

              


      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        	
                Description
                  of the Total Mortgage
                  Loans

              


      

       

      
        	
                Distribution
                  By Fico

              
	
                FICO

              	
                Number
                  of 

                Loans
                  

              	
                Unpaid
                  Principal 

                Balance
                  ($)

              	
                %
                  of Pool by Principal Balance

              	
                Avg.
                  Principal Balance ($)

              	
                Wtd.
                  Avg. Gross 

                Coupon
                  (%)

              	
                Wtd.
                  Avg. Orig. LTV (%)

              	
                Wtd.
                  Avg. FICO

              	
                %
                  Full Doc Loan

              	
                %
                  2nd Lien

              
	
                500
                  or less

              	
                9
                  

              	
                1,284,189
                  

              	
                0.19

              	
                142,688
                  

              	
                7.830

              	
                72.84

              	
                500

              	
                59.56

              	
                0.00

              
	
                500
                  - 520

              	
                232
                  

              	
                34,758,523

              	
                5.20

              	
                149,821

              	
                7.963

              	
                74.40

              	
                511

              	
                67.48

              	
                0.00

              
	
                520
                  - 540

              	
                334
                  

              	
                51,182,039

              	
                7.66

              	
                153,240

              	
                7.718

              	
                77.43

              	
                531

              	
                59.72

              	
                0.00

              
	
                540
                  - 560

              	
                367
                  

              	
                60,741,774

              	
                9.09

              	
                165,509

              	
                7.423

              	
                79.74

              	
                551

              	
                54.33

              	
                0.05

              
	
                560
                  - 580

              	
                351
                  

              	
                58,342,051

              	
                8.73

              	
                166,217

              	
                7.207

              	
                78.78

              	
                571

              	
                52.42

              	
                0.00

              
	
                580
                  - 600

              	
                368
                  

              	
                65,196,063

              	
                9.76

              	
                177,163

              	
                6.942

              	
                80.80

              	
                591

              	
                52.17

              	
                0.00

              
	
                600
                  - 620

              	
                384
                  

              	
                73,576,271

              	
                11.01

              	
                191,605

              	
                6.761

              	
                82.02

              	
                610

              	
                51.57

              	
                0.23

              
	
                620
                  - 640

              	
                429
                  

              	
                82,558,763

              	
                12.35

              	
                192,445

              	
                6.811

              	
                84.14

              	
                630

              	
                37.70

              	
                1.64

              
	
                640
                  - 660

              	
                401
                  

              	
                78,031,109

              	
                11.68

              	
                194,591

              	
                6.547

              	
                83.34

              	
                650

              	
                40.94

              	
                0.76

              
	
                660
                  - 680

              	
                273
                  

              	
                53,863,332

              	
                8.06

              	
                197,302

              	
                6.523

              	
                83.50

              	
                670

              	
                34.82

              	
                1.18

              
	
                680
                  - 700

              	
                190
                  

              	
                38,913,502

              	
                5.82

              	
                204,808

              	
                6.518

              	
                81.39

              	
                690

              	
                30.06

              	
                2.38

              
	
                700
                  - 720

              	
                151
                  

              	
                22,900,541

              	
                3.43

              	
                151,659

              	
                6.882

              	
                83.85

              	
                710

              	
                35.62

              	
                15.03

              
	
                720
                  - 740

              	
                126
                  

              	
                21,708,033

              	
                3.25

              	
                172,286

              	
                6.740

              	
                82.31

              	
                730

              	
                40.46

              	
                10.13

              
	
                740
                  - 760

              	
                69
                  

              	
                13,423,515

              	
                2.01

              	
                194,544

              	
                6.417

              	
                79.48

              	
                749

              	
                46.94

              	
                9.17

              
	
                760
                  - 780

              	
                28
                  

              	
                5,358,069

              	
                0.80

              	
                191,360

              	
                6.578

              	
                82.30

              	
                772

              	
                44.76

              	
                8.83

              
	
                780
                  - 800

              	
                21
                  

              	
                5,101,935

              	
                0.76

              	
                242,949

              	
                6.194

              	
                67.49

              	
                790

              	
                60.55

              	
                6.07

              
	
                800
                  - 820

              	
                7
                  

              	
                1,292,340

              	
                0.19

              	
                184,620

              	
                6.012

              	
                85.65

              	
                807

              	
                53.01

              	
                3.04

              
	
                Total:

              	
                3,740
                  

              	
                668,232,051
                  

              	
                100.00

              	
                178,672
                  

              	
                6.953

              	
                81.06

              	
                618

              	
                46.88

              	
                1.71

              


      

      


       

      
        	
                Distribution
                  By Lien Status

              
	
                Lien
                  Status

              	
                Number
                  of 

                Loans
                  

              	
                Unpaid
                  Principal 

                Balance
                  ($)

              	
                %
                  of Pool by Principal Balance

              	
                Avg.
                  Principal Balance ($)

              	
                Wtd.
                  Avg. Gross 

                Coupon
                  (%)

              	
                Wtd.
                  Avg. Orig. LTV (%)

              	
                Wtd.
                  Avg. FICO

              	
                %
                  Full 

                Doc
                  Loan

              	
                %
                  2nd Lien

              
	
                First
                  Lien

              	
                3,558
                  

              	
                656,837,800
                  

              	
                98.29

              	
                184,609
                  

              	
                6.905

              	
                80.74

              	
                616

              	
                47.27

              	
                0.00

              
	
                Second
                  Lien

              	
                182
                  

              	
                11,394,251

              	
                1.71

              	
                62,606

              	
                9.725

              	
                99.83

              	
                705

              	
                24.20

              	
                100.00

              
	
                Total:

              	
                3,740
                  

              	
                668,232,051
                  

              	
                100.00

              	
                178,672
                  

              	
                6.953

              	
                81.06

              	
                618

              	
                46.88

              	
                1.71

              


      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        	
                Description
                  of the Total Mortgage
                  Loans

              


      

       

      
        	
                Distribution
                  By Original LTV (1)

              
	
                Original
                  LTV (%)

              	
                Number
                  of 

                Loans
                  

              	
                Unpaid
                  Principal 

                Balance
                  ($)

              	
                %
                  of Pool by Principal Balance

              	
                Avg.
                  Principal Balance ($)

              	
                Wtd.
                  Avg. Gross Coupon (%)

              	
                Wtd.
                  Avg. Orig. LTV (%)

              	
                Wtd.
                  Avg. FICO

              	
                %
                  Full Doc Loan

              	
                %
                  2nd Lien

              
	
                50.00
                  or less

              	
                105
                  

              	
                14,028,929
                  

              	
                2.10

              	
                133,609
                  

              	
                6.717

              	
                41.49

              	
                617

              	
                49.31

              	
                0.00

              
	
                50.01
                  - 55.00

              	
                53
                  

              	
                8,714,311

              	
                1.30

              	
                164,421

              	
                6.747

              	
                52.82

              	
                620

              	
                48.48

              	
                0.00

              
	
                55.01
                  - 60.00

              	
                77
                  

              	
                12,868,226

              	
                1.93

              	
                167,120

              	
                6.666

              	
                57.99

              	
                610

              	
                46.44

              	
                0.00

              
	
                60.01
                  - 65.00

              	
                141
                  

              	
                25,218,618

              	
                3.77

              	
                178,855

              	
                6.839

              	
                63.19

              	
                595

              	
                41.76

              	
                0.00

              
	
                65.01
                  - 70.00

              	
                211
                  

              	
                39,651,992

              	
                5.93

              	
                187,924

              	
                6.797

              	
                68.58

              	
                605

              	
                41.68

              	
                0.00

              
	
                70.01
                  - 75.00

              	
                295
                  

              	
                57,013,401

              	
                8.53

              	
                193,266

              	
                6.940

              	
                73.99

              	
                598

              	
                42.15

              	
                0.00

              
	
                75.01
                  - 80.00

              	
                967
                  

              	
                181,671,335

              	
                27.19

              	
                187,871

              	
                6.728

              	
                79.58

              	
                627

              	
                44.97

              	
                0.02

              
	
                80.01
                  - 85.00

              	
                690
                  

              	
                130,305,103

              	
                19.50

              	
                188,848

              	
                7.074

              	
                84.43

              	
                598

              	
                47.93

              	
                0.00

              
	
                85.01
                  - 90.00

              	
                658
                  

              	
                122,053,122

              	
                18.27

              	
                185,491

              	
                7.000

              	
                89.58

              	
                620

              	
                45.22

              	
                0.00

              
	
                90.01
                  - 95.00

              	
                192
                  

              	
                38,816,922

              	
                5.81

              	
                202,171

              	
                6.905

              	
                94.65

              	
                643

              	
                51.71

              	
                0.44

              
	
                95.01
                  -100.00

              	
                351
                  

              	
                37,890,090

              	
                5.67

              	
                107,949

              	
                8.001

              	
                99.86

              	
                670

              	
                67.69

              	
                29.54

              
	
                Total:

              	
                3,740
                  

              	
                668,232,051
                  

              	
                100.00

              	
                178,672
                  

              	
                6.953

              	
                81.06

              	
                618

              	
                46.88

              	
                1.71

              


      

      


      


      
        	 	
                (1)

              	
                [References
                  to loan-to-value are references to combined loan-to-value ratios
                  with
                  respect to second lien Mortgage
                  Loans.]

              


      

      


       

      
        	
                Distribution
                  By Documentation

              
	
                Documentation

              	
                Number
                  of 

                Loans
                  

              	
                Unpaid
                  Principal Balance ($)

              	
                %
                  of Pool by Principal Balance

              	
                Avg.
                  Principal Balance ($)

              	
                Wtd.
                  Avg. Gross 

                Coupon
                  (%)

              	
                Wtd.
                  Avg.

                Orig.
                  LTV (%)

              	
                Wtd.
                  Avg. FICO

              	
                %
                  Full Doc Loan

              	
                %
                  2nd Lien

              
	
                Full

              	
                1,863
                  

              	
                313,268,042
                  

              	
                46.88

              	
                168,152
                  

              	
                6.906

              	
                81.67

              	
                607

              	
                100.00

              	
                0.88

              
	
                Limited
                  Doc

              	
                600
                  

              	
                102,264,540

              	
                15.30

              	
                170,441

              	
                6.794

              	
                80.93

              	
                607

              	
                0.00

              	
                1.98

              
	
                Lite
                  Doc

              	
                8
                  

              	
                1,344,099

              	
                0.20

              	
                168,012

              	
                6.987

              	
                80.41

              	
                628

              	
                0.00

              	
                0.00

              
	
                Stated
                  Doc

              	
                1,257
                  

              	
                248,190,298

              	
                37.14

              	
                197,447

              	
                7.076

              	
                80.35

              	
                635

              	
                0.00

              	
                2.57

              
	
                Stated
                  Income Full Asset

              	
                12
                  

              	
                3,165,072

              	
                0.47

              	
                263,756

              	
                7.012

              	
                81.15

              	
                681

              	
                0.00

              	
                7.50

              
	
                Total:

              	
                3,740
                  

              	
                668,232,051
                  

              	
                100.00

              	
                178,672
                  

              	
                6.953

              	
                81.06

              	
                618

              	
                46.88

              	
                1.71

              


      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                Description
                  of the Total Mortgage
                  Loans

              


      

       

      
        	
                Distribution
                  By Loan Purpose

              
	
                Loan
                  Purpose

              	
                Number
                  of Loans 

              	
                Unpaid
                  Principal 

                Balance
                  ($)

              	
                %
                  of Pool by Principal Balance

              	
                Avg.
                  Principal Balance ($)

              	
                Wtd.
                  Avg. Gross Coupon (%)

              	
                Wtd.
                  Avg. Orig. LTV (%)

              	
                Wtd.
                  Avg. FICO

              	
                %
                  Full Doc Loan

              	
                %
                  2nd Lien

              
	
                Cash
                  Out Refinance

              	
                1,462
                  

              	
                276,131,806
                  

              	
                41.32

              	
                188,873
                  

              	
                6.944

              	
                79.63

              	
                608

              	
                57.95

              	
                0.26

              
	
                Rate
                  & Term Refinance

              	
                1,304
                  

              	
                230,041,942
                  

              	
                34.43

              	
                176,413
                  

              	
                6.885

              	
                79.72

              	
                606

              	
                37.01

              	
                0.22

              
	
                Purchase

              	
                972
                  

              	
                161,436,087
                  

              	
                24.16

              	
                166,087
                  

              	
                7.067

              	
                85.43

              	
                653

              	
                42.06

              	
                6.30

              
	
                Construction
                  to Perm

              	
                2
                  

              	
                622,216
                  

              	
                0.09

              	
                311,108
                  

              	
                6.355

              	
                82.33

              	
                643

              	
                36.00

              	
                0.00

              
	
                Total:

              	
                3,740
                  

              	
                668,232,051
                  

              	
                100.00

              	
                178,672
                  

              	
                6.953

              	
                81.06

              	
                618

              	
                46.88

              	
                1.71

              


      

      


      


      


      
        	
                Distribution
                  By Property Type

              
	
                Property
                  Type

              	
                Number
                  of 

                Loans
                  

              	
                Unpaid
                  Principal Balance ($)

              	
                %
                  of Pool by Principal Balance

              	
                Avg.
                  Principal Balance ($)

              	
                Wtd.
                  Avg. Gross Coupon (%)

              	
                Wtd.
                  Avg. 

                Orig.
                  LTV 

                (%)

              	
                Wtd.
                  Avg. 

                FICO

              	
                %
                  Full Doc Loan

              	
                %
                  2nd Lien

              
	
                Single
                  Family

              	
                2,844
                  

              	
                491,161,058
                  

              	
                73.50

              	
                172,701
                  

              	
                6.948

              	
                81.05

              	
                614

              	
                46.76

              	
                1.63

              
	
                Pud
                  Detached

              	
                227
                  

              	
                48,693,815

              	
                7.29

              	
                214,510

              	
                6.935

              	
                82.10

              	
                614

              	
                46.87

              	
                0.71

              
	
                Two
                  Family

              	
                211
                  

              	
                43,810,329

              	
                6.56

              	
                207,632

              	
                6.971

              	
                80.20

              	
                634

              	
                42.69

              	
                2.57

              
	
                Condomimium

              	
                196
                  

              	
                32,352,714

              	
                4.84

              	
                165,065

              	
                6.859

              	
                80.55

              	
                636

              	
                46.53

              	
                4.41

              
	
                Three
                  Family

              	
                63
                  

              	
                15,271,554

              	
                2.29

              	
                242,406

              	
                6.951

              	
                78.17

              	
                654

              	
                50.02

              	
                0.00

              
	
                Pud

              	
                52
                  

              	
                12,161,960

              	
                1.82

              	
                233,884

              	
                6.749

              	
                83.80

              	
                642

              	
                58.59

              	
                2.79

              
	
                Pud
                  Attached

              	
                66
                  

              	
                9,273,165

              	
                1.39

              	
                140,502

              	
                7.161

              	
                83.68

              	
                608

              	
                48.03

              	
                1.53

              
	
                Four
                  Family

              	
                23
                  

              	
                5,341,402

              	
                0.80

              	
                232,235

              	
                7.416

              	
                78.50

              	
                637

              	
                50.61

              	
                0.00

              
	
                Low
                  Rise Condo 

              	
                23
                  

              	
                4,145,497

              	
                0.62

              	
                180,239

              	
                7.044

              	
                82.98

              	
                628

              	
                52.34

              	
                0.00

              
	
                Deminimus
                  Pud

              	
                6
                  

              	
                1,562,758

              	
                0.23

              	
                260,460

              	
                7.116

              	
                87.61

              	
                639

              	
                51.44

              	
                0.00

              
	
                Single
                  Family Attached

              	
                9
                  

              	
                1,291,813

              	
                0.19

              	
                143,535

              	
                8.037

              	
                85.42

              	
                606

              	
                71.45

              	
                0.00

              
	
                High
                  Rise Condo 

              	
                5
                  

              	
                1,256,727

              	
                0.19

              	
                251,345

              	
                6.932

              	
                79.71

              	
                609

              	
                28.50

              	
                0.00

              
	
                Townhouse

              	
                6
                  

              	
                823,730

              	
                0.12

              	
                137,288

              	
                7.858

              	
                74.21

              	
                587

              	
                29.61

              	
                0.00

              
	
                Two-Four
                  Family 

              	
                3
                  

              	
                313,965

              	
                0.05

              	
                104,655

              	
                7.719

              	
                80.37

              	
                650

              	
                100.00

              	
                0.00

              
	
                Mobile
                  Home Attached

              	
                2
                  

              	
                247,023

              	
                0.04

              	
                123,511

              	
                7.969

              	
                70.08

              	
                602

              	
                46.73

              	
                0.00

              
	
                Mobile
                  Home Unattached

              	
                2
                  

              	
                225,337

              	
                0.03

              	
                112,668

              	
                8.033

              	
                68.71

              	
                560

              	
                66.70

              	
                0.00

              
	
                Mid
                  Rise Condo

              	
                1
                  

              	
                187,219

              	
                0.03

              	
                187,219

              	
                6.990

              	
                80.00

              	
                655

              	
                0.00

              	
                0.00

              
	
                Manufactured
                  Housing

              	
                1
                  

              	
                111,988

              	
                0.02

              	
                111,988

              	
                7.750

              	
                80.00

              	
                674

              	
                0.00

              	
                0.00

              
	
                Total:

              	
                3,740
                  

              	
                668,232,051
                  

              	
                100.00

              	
                178,672
                  

              	
                6.953

              	
                81.06

              	
                618

              	
                46.88

              	
                1.71

              


      

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        	
                Description
                  of the Total Mortgage
                  Loans

              


      

       

      
        	
                Distribution
                  By Occupancy Status

              
	
                Occupancy
                  Status

              	
                Number
                  of 

                Loans
                  

              	
                Unpaid
                  Principal 

                Balance
                  ($)

              	
                %
                  of Pool by Principal Balance

              	
                Avg.
                  Principal Balance ($)

              	
                Wtd.
                  Avg. Gross Coupon (%)

              	
                Wtd.
                  Avg. Orig. LTV (%)

              	
                Wtd.
                  Avg. FICO

              	
                %
                  Full Doc Loan

              	
                %
                  2nd Lien

              
	
                Owner
                  Occupied

              	
                3,453
                  

              	
                621,813,297
                  

              	
                93.05

              	
                180,079
                  

              	
                6.928

              	
                81.15

              	
                615

              	
                47.69

              	
                1.83

              
	
                Investor
                  Occupied

              	
                269
                  

              	
                43,553,670

              	
                6.52

              	
                161,910

              	
                7.271

              	
                79.72

              	
                656

              	
                37.19

              	
                0.00

              
	
                Second
                  Home

              	
                18
                  

              	
                2,865,084

              	
                0.43

              	
                159,171

              	
                7.427

              	
                81.66

              	
                631

              	
                17.95

              	
                0.00

              
	
                Total:

              	
                3,740
                  

              	
                668,232,051
                  

              	
                100.00

              	
                178,672
                  

              	
                6.953

              	
                81.06

              	
                618

              	
                46.88

              	
                1.71

              


      

       

      
        
          	
                  Distribution
                    By State

                
	
                  State

                	
                  Number
                    of 

                  Loans
                    

                	
                  Unpaid
                    Principal 

                  Balance
                    ($)

                	
                  %
                    of Pool by Principal Balance

                	
                  Avg.
                    Principal Balance ($)

                	
                  Wtd.
                    Avg. Gross Coupon (%)

                	
                  Wtd.
                    Avg. Orig. LTV (%)

                	
                  Wtd.
                    Avg. FICO

                	
                  %
                    Full Doc Loan

                	
                  %
                    2nd Lien

                
	
                  Southern
                    California

                	
                  945
                    

                	
                  220,934,273
                    

                	
                  33.06

                	
                  233,793
                    

                	
                  6.632

                	
                  78.59

                	
                  630

                	
                  40.86

                	
                  2.38

                
	
                  Northern
                    California

                	
                  400
                    

                	
                  89,417,189

                	
                  13.38

                	
                  223,543

                	
                  6.653

                	
                  80.42

                	
                  627

                	
                  41.80

                	
                  4.49

                
	
                  Florida

                	
                  307
                    

                	
                  42,335,680

                	
                  6.34

                	
                  137,901

                	
                  7.253

                	
                  82.43

                	
                  596

                	
                  37.84

                	
                  0.63

                
	
                  New
                    York

                	
                  177
                    

                	
                  39,344,128

                	
                  5.89

                	
                  222,283

                	
                  6.821

                	
                  77.04

                	
                  620

                	
                  50.12

                	
                  0.00

                
	
                  Illinois

                	
                  147
                    

                	
                  25,887,052

                	
                  3.87

                	
                  176,102

                	
                  7.217

                	
                  85.01

                	
                  618

                	
                  49.51

                	
                  0.10

                
	
                  Texas

                	
                  165
                    

                	
                  18,499,046

                	
                  2.77

                	
                  112,115

                	
                  7.449

                	
                  79.68

                	
                  595

                	
                  49.71

                	
                  0.00

                
	
                  Massachusetts

                	
                  80
                    

                	
                  17,009,060

                	
                  2.55

                	
                  212,613

                	
                  7.092

                	
                  80.34

                	
                  617

                	
                  45.32

                	
                  3.12

                
	
                  Maryland

                	
                  79
                    

                	
                  14,774,219

                	
                  2.21

                	
                  187,015

                	
                  7.331

                	
                  84.17

                	
                  591

                	
                  59.02

                	
                  0.00

                
	
                  Ohio

                	
                  124
                    

                	
                  14,239,691

                	
                  2.13

                	
                  114,836

                	
                  7.410

                	
                  85.40

                	
                  600

                	
                  66.48

                	
                  0.00

                
	
                  New
                    Jersey

                	
                  57
                    

                	
                  13,525,482

                	
                  2.02

                	
                  237,289

                	
                  7.291

                	
                  83.94

                	
                  615

                	
                  39.59

                	
                  0.00

                
	
                  Other

                	
                  1,259
                    

                	
                  172,266,231

                	
                  25.78

                	
                  136,828

                	
                  7.273

                	
                  83.92

                	
                  609

                	
                  56.08

                	
                  0.75

                
	
                  Total:

                	
                  3,740
                    

                	
                  668,232,051
                    

                	
                  100.00

                	
                  178,672
                    

                	
                  6.953

                	
                  81.06

                	
                  618

                	
                  46.88

                	
                  1.71

                


        

      

       

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        	
                Description
                  of the Total Mortgage
                  Loans

              


      

      


      


      
        	
                Distribution
                  By Zip Code

              
	
                Zip
                  Code

              	
                Number
                  of 

                Loans
                  

              	
                Unpaid
                  Principal 

                Balance
                  ($)

              	
                %
                  of Pool by Principal Balance

              	
                Avg.
                  Principal Balance ($)

              	
                Wtd.
                  Avg. Gross 

                Coupon
                  (%)

              	
                Wtd.
                  Avg. Orig. LTV (%)

              	
                Wtd.
                  Avg. FICO

              	 	 
	
                %
                  Full 

                Doc
                  Loan

              	
                %
                  2nd Lien

              
	
                93906

              	
                14
                  

              	
                4,469,783
                  

              	
                0.67

              	
                319,270
                  

              	
                6.280

              	
                81.22

              	
                641

              	
                37.06

              	
                2.57

              
	
                90650

              	
                17
                  

              	
                3,892,510

              	
                0.58

              	
                228,971

              	
                6.567

              	
                78.02

              	
                621

              	
                55.80

              	
                1.72

              
	
                92336

              	
                15
                  

              	
                3,245,378

              	
                0.49

              	
                216,359

              	
                6.532

              	
                80.57

              	
                598

              	
                47.19

              	
                0.00

              
	
                90044

              	
                14
                  

              	
                3,151,204

              	
                0.47

              	
                225,086

              	
                6.974

              	
                79.12

              	
                640

              	
                26.88

              	
                0.00

              
	
                91709

              	
                8
                  

              	
                2,584,056

              	
                0.39

              	
                323,007

              	
                6.542

              	
                76.37

              	
                618

              	
                27.93

              	
                0.00

              
	
                93033

              	
                7
                  

              	
                2,239,952

              	
                0.34

              	
                319,993

              	
                6.903

              	
                84.17

              	
                635

              	
                31.45

              	
                0.00

              
	
                90002

              	
                13
                  

              	
                2,213,394

              	
                0.33

              	
                170,261

              	
                6.953

              	
                80.92

              	
                633

              	
                19.28

              	
                1.76

              
	
                93536

              	
                12
                  

              	
                2,147,512

              	
                0.32

              	
                178,959

              	
                6.626

              	
                82.38

              	
                606

              	
                14.61

              	
                2.05

              
	
                93905

              	
                7
                  

              	
                2,016,669

              	
                0.30

              	
                288,096

              	
                6.045

              	
                75.41

              	
                672

              	
                0.00

              	
                0.00

              
	
                93003

              	
                5
                  

              	
                1,708,509

              	
                0.26

              	
                341,702

              	
                5.735

              	
                82.25

              	
                698

              	
                42.07

              	
                4.31

              
	
                Other

              	
                3,628
                  

              	
                640,563,083

              	
                95.86

              	
                176,561

              	
                6.971

              	
                81.11

              	
                617

              	
                47.49

              	
                1.73

              
	
                Total:

              	
                3,740
                  

              	
                668,232,051
                  

              	
                100.00

              	
                178,672
                  

              	
                6.953

              	
                81.06

              	
                618

              	
                46.88

              	
                1.71

              


      

      


      


      
        	
                Distribution
                  By Remaining Months To Maturity

              
	 	
                Number
                  of Loans 

              	
                Unpaid
                  Principal Balance ($)

              	
                %
                  of Pool by Principal Balance

              	
                Avg.
                  Principal Balance ($)

              	
                Wtd.
                  Avg. Gross Coupon (%)

              	
                Wtd.
                  Avg. Orig. LTV (%)

              	
                Wtd.
                  Avg. FICO

              	 	 
	 	 	 
	
                Remaining
                  Months to Maturity

              	
                %
                  Full

                Doc
                  Loan

              	
                %
                  2nd Lien

              
	
                180
                  or less

              	
                199
                  

              	
                18,158,522
                  

              	
                2.72

              	
                91,249
                  

              	
                7.807

              	
                78.65

              	
                626

              	
                39.04

              	
                24.95

              
	
                181-240

              	
                129
                  

              	
                11,737,454
                  

              	
                1.76

              	
                90,988
                  

              	
                7.380

              	
                79.07

              	
                639

              	
                56.86

              	
                22.88

              
	
                241-300

              	
                7
                  

              	
                962,023
                  

              	
                0.14

              	
                137,432
                  

              	
                6.392

              	
                72.12

              	
                617

              	
                91.65

              	
                0.00

              
	
                301-360

              	
                3,405
                  

              	
                637,374,051
                  

              	
                95.38

              	
                187,188
                  

              	
                6.921

              	
                81.18

              	
                617

              	
                46.85

              	
                0.66

              
	
                Total:

              	
                3,740
                  

              	
                668,232,051
                  

              	
                100.00

              	
                178,672
                  

              	
                6.953

              	
                81.06

              	
                618

              	
                46.88

              	
                1.71

              


      

      


      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        	
                Description
                  of the Total Mortgage
                  Loans

              


      

       

      
        
          	
                  Distribution
                    By Product Type

                
	
                  Product
                    Type

                	
                  Number
                    of Loans 

                	
                  Unpaid
                    Principal 

                  Balance
                    ($)

                	
                  %
                    of Pool by Principal Balance

                	
                  Avg.
                    Principal 

                  Balance
                    ($)

                	
                  Wtd.
                    Avg. Gross Coupon (%)

                	
                  Wtd.
                    Avg. Orig. LTV 

                  (%)

                	
                  Wtd.
                    Avg. FICO

                	
                  %
                    Full 

                  Doc
                    Loan

                	
                  %
                    2nd

                  Lien

                
	
                  15YR
                    BALLOON

                	
                  65
                    

                	
                  4,614,384
                    

                	
                  0.69

                	
                  70,991
                    

                	
                  9.958

                	
                  98.54

                	
                  664

                	
                  24.11

                	
                  92.99

                
	
                  15YR
                    FXD

                	
                  134
                    

                	
                  13,544,139

                	
                  2.03

                	
                  101,076

                	
                  7.075

                	
                  71.88

                	
                  613

                	
                  44.13

                	
                  1.78

                
	
                  20YR
                    FXD

                	
                  129
                    

                	
                  11,737,454

                	
                  1.76

                	
                  90,988

                	
                  7.380

                	
                  79.07

                	
                  639

                	
                  56.86

                	
                  22.88

                
	
                  2/6
                    MONTH LIBOR

                	
                  1,725
                    

                	
                  317,827,885

                	
                  47.56

                	
                  184,248

                	
                  7.072

                	
                  82.19

                	
                  600

                	
                  40.92

                	
                  0.01

                
	
                  2/6
                    MONTH LIBOR 24 Mo IO

                	
                  131
                    

                	
                  37,905,115

                	
                  5.67

                	
                  289,352

                	
                  6.367

                	
                  82.75

                	
                  645

                	
                  27.55

                	
                  0.00

                
	
                  2/6
                    MONTH LIBOR 60 Mo IO

                	
                  29
                    

                	
                  8,642,400

                	
                  1.29

                	
                  298,014

                	
                  6.156

                	
                  81.61

                	
                  658

                	
                  71.72

                	
                  0.00

                
	
                  30YR
                    FXD

                	
                  1,093
                    

                	
                  180,215,125

                	
                  26.97

                	
                  164,881

                	
                  6.878

                	
                  78.75

                	
                  636

                	
                  55.00

                	
                  2.30

                
	
                  30YR
                    FXD 60 Mo IO

                	
                  22
                    

                	
                  6,526,158

                	
                  0.98

                	
                  296,644

                	
                  6.251

                	
                  74.17

                	
                  674

                	
                  73.31

                	
                  0.00

                
	
                  3/6
                    MONTH LIBOR

                	
                  319
                    

                	
                  59,795,843

                	
                  8.95

                	
                  187,448

                	
                  7.229

                	
                  83.60

                	
                  605

                	
                  58.11

                	
                  0.00

                
	
                  3/6
                    MONTH LIBOR 36 Mo IO

                	
                  41
                    

                	
                  11,734,116

                	
                  1.76

                	
                  286,198

                	
                  5.944

                	
                  80.41

                	
                  643

                	
                  43.64

                	
                  0.00

                
	
                  3/6
                    MONTH LIBOR 60 Mo IO

                	
                  14
                    

                	
                  3,833,193

                	
                  0.57

                	
                  273,799

                	
                  5.971

                	
                  82.68

                	
                  680

                	
                  62.52

                	
                  0.00

                
	
                  5/6
                    MONTH LIBOR

                	
                  14
                    

                	
                  4,015,150

                	
                  0.60

                	
                  286,796

                	
                  5.967

                	
                  75.85

                	
                  635

                	
                  65.06

                	
                  0.00

                
	
                  5/6
                    MONTH LIBOR 60 Mo IO

                	
                  24
                    

                	
                  7,841,088

                	
                  1.17

                	
                  326,712

                	
                  5.875

                	
                  77.49

                	
                  680

                	
                  51.58

                	
                  0.00

                
	
                  Total:

                	
                  3,740
                    

                	
                  668,232,051
                    

                	
                  100.00

                	
                  178,672
                    

                	
                  6.953

                	
                  81.06

                	
                  618

                	
                  46.88

                	
                  1.71

                


        

         

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        
          	
                  Description
                    of the Total Mortgage
                    Loans

                


        

         

         

        
          	
                  Distribution
                    By Prepayment Penalty

                
	
                  Preypay
                    Penalty (months)

                	
                  Number
                    of Loans 

                	
                  Unpaid
                    Principal 

                  Balance
                    ($)

                	
                  %
                    of Pool by Principal Balance

                	
                  Avg.
                    Principal Balance ($)

                	
                  Wtd.
                    Avg. Gross 

                  Coupon(%)

                	
                  Wtd.
                    Avg. Orig. LTV

                  (%)

                	
                  Wtd.
                    Avg. FICO

                	
                  %
                    Full

                  Doc
                    Loan

                	
                  %
                    2nd Lien

                
	
                  0

                	
                  650
                    

                	
                  113,069,815
                    

                	
                  16.92

                	
                  173,954
                    

                	
                  7.284

                	
                  82.28

                	
                  612

                	
                  41.31

                	
                  0.38

                
	
                  6

                	
                  3
                    

                	
                  347,359

                	
                  0.05

                	
                  115,786

                	
                  7.060

                	
                  93.22

                	
                  615

                	
                  100.00

                	
                  0.00

                
	
                  12

                	
                  203
                    

                	
                  43,951,274

                	
                  6.58

                	
                  216,509

                	
                  6.888

                	
                  78.85

                	
                  622

                	
                  51.95

                	
                  0.89

                
	
                  24

                	
                  1,465
                    

                	
                  268,373,908

                	
                  40.16

                	
                  183,190

                	
                  6.943

                	
                  82.05

                	
                  609

                	
                  40.08

                	
                  2.54

                
	
                  30

                	
                  5
                    

                	
                  1,017,519

                	
                  0.15

                	
                  203,504

                	
                  6.282

                	
                  80.08

                	
                  604

                	
                  87.39

                	
                  0.00

                
	
                  36

                	
                  1,088
                    

                	
                  201,071,401

                	
                  30.09

                	
                  184,808

                	
                  6.748

                	
                  79.33

                	
                  635

                	
                  53.71

                	
                  1.87

                
	
                  42

                	
                  1
                    

                	
                  151,521

                	
                  0.02

                	
                  151,521

                	
                  8.375

                	
                  66.09

                	
                  598

                	
                  0.00

                	
                  0.00

                
	
                  48

                	
                  8
                    

                	
                  1,126,678

                	
                  0.17

                	
                  140,835

                	
                  7.439

                	
                  84.76

                	
                  626

                	
                  87.72

                	
                  0.00

                
	
                  60

                	
                  317
                    

                	
                  39,122,576

                	
                  5.85

                	
                  123,415

                	
                  7.183

                	
                  82.03

                	
                  603

                	
                  66.30

                	
                  0.00

                
	
                  Total:

                	
                  3,740
                    

                	
                  668,232,051
                    

                	
                  100.00

                	
                  178,672
                    

                	
                  6.953

                	
                  81.06

                	
                  618

                	
                  46.88

                	
                  1.71

                


        

        


        


        
          	
                  Distribution
                    By Mortgage Insurance Type

                
	
                  Mortgage
                    

                  Insurance
                    Type

                	
                  Number
                    of 

                  Loans
                    

                	
                  Unpaid
                    Principal 

                  Balance
                    ($)

                	
                  %
                    of Pool by Principal Balance

                	
                  Avg.
                    Principal Balance ($)

                	
                  Wtd.
                    Avg. Gross Coupon (%)

                	
                  Wtd.
                    Avg. Orig. LTV (%)

                	
                  Wtd.
                    Avg. FICO

                	
                  %
                    Full Doc Loan

                	
                  %
                    2nd 

                  Lien

                
	
                  Covered
                    by MI

                	
                  2,313
                    

                	
                  453,834,799
                    

                	
                  67.92

                	
                  196,210
                    

                	
                  6.751

                	
                  82.43

                	
                  621

                	
                  50.34

                	
                  0.00

                
	
                  Not
                    covered by MI

                	
                  1,427
                    

                	
                  214,397,252
                    

                	
                  32.08

                	
                  150,243
                    

                	
                  7.379

                	
                  78.18

                	
                  612

                	
                  39.55

                	
                  5.31

                
	
                  Total:

                	
                  3,740
                    

                	
                  668,232,051
                    

                	
                  100.00

                	
                  178,672
                    

                	
                  6.953

                	
                  81.06

                	
                  618

                	
                  46.88

                	
                  1.71

                


        

        


        


        
          	
                  Distribution
                    By Interest Calculation Type

                
	
                  Interest
                    Calculation type

                	
                  Number
                    of 

                  Loans
                    

                	
                  Unpaid
                    Principal 

                  Balance
                    ($)

                	
                  %
                    of Pool by Principal Balance

                	
                  Avg.
                    Principal Balance ($)

                	
                  Wtd.
                    Avg. Gross Coupon (%)

                	
                  Wtd.
                    Avg. 

                  Orig.
                    LTV 

                  (%)

                	
                  Wtd.
                    Avg. 

                  FICO

                	
                  %
                    Full 

                  Doc
                    Loan

                	
                  %
                    2nd Lien

                
	
                  Interest
                    In Arrears

                	
                  3,479
                    

                	
                  591,749,981
                    

                	
                  88.55

                	
                  170,092
                    

                	
                  7.050

                	
                  81.07

                	
                  613

                	
                  47.36

                	
                  1.93

                
	
                  Interest
                    Only

                	
                  261
                    

                	
                  76,482,070

                	
                  11.45

                	
                  293,035

                	
                  6.198

                	
                  80.99

                	
                  654

                	
                  43.13

                	
                  0.00

                
	
                  Total:

                	
                  3,740
                    

                	
                  668,232,051
                    

                	
                  100.00

                	
                  178,672
                    

                	
                  6.953

                	
                  81.06

                	
                  618

                	
                  46.88

                	
                  1.71

                


        


        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                  Description
                    of the Total Mortgage
                    Loans

                


        

        


        


        
          	
                  Distribution
                    By Next Adjustment Date

                
	
                  Next
                    Adjustment Date

                	
                  Number
                    of 

                  Loans
                    

                	
                  Unpaid
                    Principal 

                  Balance
                    ($)

                	
                  %
                    of Pool by Principal Balance

                	
                  Avg.
                    Principal Balance ($)

                	
                  Wtd.
                    Avg. Gross Coupon (%)

                	
                  Wtd.
                    Avg. Orig. LTV (%)

                	
                  Wtd.
                    Avg. FICO

                	
                  %
                    Full 

                  Doc
                    Loan

                	
                  %
                    2nd Lien

                
	
                  October
                    1, 2005

                	
                  5
                    

                	
                  728,087
                    

                	
                  0.16

                	
                  145,617
                    

                	
                  8.382

                	
                  80.90

                	
                  584

                	
                  9.50

                	
                  0.00

                
	
                  November
                    1, 2005

                	
                  29
                    

                	
                  3,895,329

                	
                  0.86

                	
                  134,322

                	
                  7.539

                	
                  82.56

                	
                  595

                	
                  51.24

                	
                  0.00

                
	
                  December
                    1, 2005

                	
                  4
                    

                	
                  627,968

                	
                  0.14

                	
                  156,992

                	
                  7.458

                	
                  92.79

                	
                  604

                	
                  100.00

                	
                  0.00

                
	
                  January
                    1, 2006

                	
                  34
                    

                	
                  5,754,393

                	
                  1.27

                	
                  169,247

                	
                  7.703

                	
                  83.32

                	
                  587

                	
                  45.40

                	
                  0.00

                
	
                  February
                    1, 2006

                	
                  23
                    

                	
                  4,351,580

                	
                  0.96

                	
                  189,199

                	
                  7.710

                	
                  82.77

                	
                  601

                	
                  66.34

                	
                  0.00

                
	
                  March
                    1, 2006

                	
                  84
                    

                	
                  15,845,695

                	
                  3.51

                	
                  188,639

                	
                  7.337

                	
                  81.38

                	
                  599

                	
                  47.20

                	
                  0.18

                
	
                  April
                    1, 2006

                	
                  587
                    

                	
                  118,338,676

                	
                  26.20

                	
                  201,599

                	
                  6.999

                	
                  82.77

                	
                  600

                	
                  50.19

                	
                  0.00

                
	
                  May
                    1, 2006

                	
                  931
                    

                	
                  161,628,144

                	
                  35.79

                	
                  173,607

                	
                  7.022

                	
                  82.51

                	
                  603

                	
                  33.58

                	
                  0.00

                
	
                  June
                    1, 2006

                	
                  43
                    

                	
                  13,758,315

                	
                  3.05

                	
                  319,961

                	
                  6.265

                	
                  81.32

                	
                  644

                	
                  16.64

                	
                  0.00

                
	
                  July
                    1, 2006

                	
                  114
                    

                	
                  31,399,265

                	
                  6.95

                	
                  275,432

                	
                  6.449

                	
                  80.59

                	
                  631

                	
                  33.95

                	
                  0.00

                
	
                  August
                    1, 2006

                	
                  28
                    

                	
                  7,467,450

                	
                  1.65

                	
                  266,695

                	
                  6.959

                	
                  76.62

                	
                  615

                	
                  56.11

                	
                  0.00

                
	
                  September
                    1, 2006

                	
                  3
                    

                	
                  580,500

                	
                  0.13

                	
                  193,500

                	
                  7.274

                	
                  76.79

                	
                  598

                	
                  34.45

                	
                  0.00

                
	
                  October
                    1, 2006

                	
                  1
                    

                	
                  491,094

                	
                  0.11

                	
                  491,094

                	
                  6.500

                	
                  82.64

                	
                  729

                	
                  100.00

                	
                  0.00

                
	
                  November
                    1, 2006

                	
                  3
                    

                	
                  930,323

                	
                  0.21

                	
                  310,108

                	
                  7.738

                	
                  97.40

                	
                  642

                	
                  100.00

                	
                  0.00

                
	
                  December
                    1, 2006

                	
                  4
                    

                	
                  664,535

                	
                  0.15

                	
                  166,134

                	
                  7.529

                	
                  84.40

                	
                  621

                	
                  45.00

                	
                  0.00

                
	
                  January
                    1, 2007

                	
                  15
                    

                	
                  2,898,834

                	
                  0.64

                	
                  193,256

                	
                  7.597

                	
                  84.58

                	
                  641

                	
                  31.45

                	
                  0.00

                
	
                  February
                    1, 2007

                	
                  10
                    

                	
                  1,326,752

                	
                  0.29

                	
                  132,675

                	
                  7.667

                	
                  90.07

                	
                  625

                	
                  63.84

                	
                  0.00

                
	
                  March
                    1, 2007

                	
                  40
                    

                	
                  6,362,643

                	
                  1.41

                	
                  159,066

                	
                  7.551

                	
                  85.05

                	
                  610

                	
                  52.89

                	
                  0.00

                
	
                  April
                    1, 2007

                	
                  194
                    

                	
                  37,433,931

                	
                  8.29

                	
                  192,958

                	
                  7.205

                	
                  83.58

                	
                  601

                	
                  65.91

                	
                  0.00

                
	
                  May
                    1, 2007

                	
                  44
                    

                	
                  7,022,812

                	
                  1.56

                	
                  159,609

                	
                  7.032

                	
                  82.53

                	
                  623

                	
                  35.13

                	
                  0.00

                
	
                  June
                    1, 2007

                	
                  15
                    

                	
                  4,241,484

                	
                  0.94

                	
                  282,766

                	
                  5.789

                	
                  80.82

                	
                  640

                	
                  34.67

                	
                  0.00

                
	
                  July
                    1, 2007

                	
                  46
                    

                	
                  13,365,747

                	
                  2.96

                	
                  290,560

                	
                  6.083

                	
                  79.51

                	
                  628

                	
                  48.93

                	
                  0.00

                
	
                  August
                    1, 2007

                	
                  2
                    

                	
                  625,000

                	
                  0.14

                	
                  312,500

                	
                  6.879

                	
                  84.16

                	
                  678

                	
                  43.04

                	
                  0.00

                
	
                  June
                    1, 2009

                	
                  9
                    

                	
                  3,015,731

                	
                  0.67

                	
                  335,081

                	
                  5.773

                	
                  81.86

                	
                  652

                	
                  44.68

                	
                  0.00

                
	
                  July
                    1, 2009

                	
                  29
                    

                	
                  8,840,507

                	
                  1.96

                	
                  304,845

                	
                  5.952

                	
                  75.26

                	
                  669

                	
                  60.06

                	
                  0.00

                
	
                  Total:

                	
                  2,297
                    

                	
                  451,594,791
                    

                	
                  100.00

                	
                  196,602
                    

                	
                  6.947

                	
                  82.24

                	
                  609

                	
                  43.31

                	
                  0.01

                


        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        
          	
                  Description
                    of the Total Mortgage
                    Loans

                


        

        


        


        
          	
                  Distribution
                    By Margin

                
	
                  Margin
                    (%)

                	
                  Number
                    of 

                  Loans
                    

                	
                  Unpaid
                    Principal 

                  Balance
                    ($)

                	
                  %
                    of Pool by Principal Balance

                	
                  Avg.
                    Principal Balance ($)

                	
                  Wtd.
                    Avg. Gross 

                  Coupon
                    (%)

                	
                  Wtd.
                    Avg. Orig. LTV (%)

                	
                  Wtd.
                    Avg. FICO

                	
                  %
                    Full 

                  Doc
                    Loan

                	
                  %
                    2nd Lien

                
	
                  4.000
                    or less

                	
                  13
                    

                	
                  3,379,001
                    

                	
                  0.75

                	
                  259,923
                    

                	
                  5.576

                	
                  83.36

                	
                  653

                	
                  62.25

                	
                  0.00

                
	
                  4.001
                    - 4.500

                	
                  19
                    

                	
                  4,944,178
                    

                	
                  1.09

                	
                  260,220
                    

                	
                  5.891

                	
                  82.99

                	
                  632

                	
                  75.76

                	
                  0.00

                
	
                  4.501
                    - 5.000

                	
                  231
                    

                	
                  57,654,853
                    

                	
                  12.77

                	
                  249,588
                    

                	
                  6.305

                	
                  82.66

                	
                  637

                	
                  53.91

                	
                  0.05

                
	
                  5.001
                    - 5.500

                	
                  930
                    

                	
                  178,111,809
                    

                	
                  39.44

                	
                  191,518
                    

                	
                  6.722

                	
                  82.77

                	
                  611

                	
                  43.87

                	
                  0.00

                
	
                  5.501
                    - 6.000

                	
                  585
                    

                	
                  113,712,142
                    

                	
                  25.18

                	
                  194,380
                    

                	
                  7.127

                	
                  82.71

                	
                  614

                	
                  22.84

                	
                  0.00

                
	
                  6.001
                    - 6.500

                	
                  228
                    

                	
                  43,570,376
                    

                	
                  9.65

                	
                  191,098
                    

                	
                  7.531

                	
                  79.85

                	
                  580

                	
                  47.95

                	
                  0.00

                
	
                  6.501
                    - 7.000

                	
                  170
                    

                	
                  31,256,283
                    

                	
                  6.92

                	
                  183,860
                    

                	
                  7.661

                	
                  77.95

                	
                  574

                	
                  58.64

                	
                  0.00

                
	
                  7.001
                    - 7.500

                	
                  68
                    

                	
                  11,585,901
                    

                	
                  2.57

                	
                  170,381
                    

                	
                  7.563

                	
                  86.91

                	
                  589

                	
                  79.23

                	
                  0.00

                
	
                  7.501
                    - 8.000

                	
                  32
                    

                	
                  4,788,136
                    

                	
                  1.06

                	
                  149,629
                    

                	
                  8.332

                	
                  85.24

                	
                  578

                	
                  90.51

                	
                  0.00

                
	
                  8.001
                    - 8.500

                	
                  14
                    

                	
                  1,612,092
                    

                	
                  0.36

                	
                  115,149
                    

                	
                  8.633

                	
                  83.57

                	
                  562

                	
                  72.62

                	
                  0.00

                
	
                  8.501
                    - 9.000

                	
                  3
                    

                	
                  353,006
                    

                	
                  0.08

                	
                  117,669
                    

                	
                  9.572

                	
                  67.44

                	
                  537

                	
                  66.10

                	
                  0.00

                
	
                  9.001
                    - 9.500

                	
                  2
                    

                	
                  417,820
                    

                	
                  0.09

                	
                  208,910
                    

                	
                  8.377

                	
                  62.15

                	
                  565

                	
                  49.88

                	
                  0.00

                
	
                  9.501
                    - 10.000

                	
                  2
                    

                	
                  209,194
                    

                	
                  0.05

                	
                  104,597
                    

                	
                  10.990

                	
                  83.19

                	
                  516

                	
                  100.00

                	
                  0.00

                
	
                  Total:

                	
                  2,297
                    

                	
                  451,594,791
                    

                	
                  100.00

                	
                  196,602
                    

                	
                  6.947

                	
                  82.24

                	
                  609

                	
                  43.31

                	
                  0.01

                


        

         

        
          	
                  Distribution
                    By Life Minimum Rate

                
	
                  Life
                    Minimum Rate (%)

                	
                  Number
                    of 

                  Loans
                    

                	
                  Unpaid
                    Principal 

                  Balance
                    ($)

                	
                  %
                    of Pool by Principal Balance

                	
                  Avg.
                    Principal Balance ($)

                	
                  Wtd.
                    Avg. Gross Coupon (%)

                	
                  Wtd.
                    Avg. Orig. LTV (%)

                	
                  Wtd.
                    Avg. FICO

                	
                  %
                    Full 

                  Doc
                    Loan

                	
                  %
                    2nd Lien

                
	
                  4.501
                    - 5.000

                	
                  19
                    

                	
                  5,670,295
                    

                	
                  1.26

                	
                  298,437
                    

                	
                  4.931

                	
                  78.29

                	
                  676

                	
                  44.63

                	
                  0.00

                
	
                  5.001
                    - 5.500

                	
                  79
                    

                	
                  21,761,599

                	
                  4.82

                	
                  275,463

                	
                  5.351

                	
                  80.49

                	
                  653

                	
                  56.72

                	
                  0.00

                
	
                  5.501
                    - 6.000

                	
                  198
                    

                	
                  49,238,203

                	
                  10.90

                	
                  248,678

                	
                  5.840

                	
                  81.13

                	
                  640

                	
                  48.58

                	
                  0.00

                
	
                  6.001
                    - 6.500

                	
                  364
                    

                	
                  80,684,900

                	
                  17.87

                	
                  221,662

                	
                  6.309

                	
                  81.21

                	
                  636

                	
                  43.44

                	
                  0.00

                
	
                  6.501
                    - 7.000

                	
                  508
                    

                	
                  106,303,905

                	
                  23.54

                	
                  209,260

                	
                  6.809

                	
                  83.61

                	
                  615

                	
                  40.51

                	
                  0.00

                
	
                  7.001
                    - 7.500

                	
                  388
                    

                	
                  70,528,176

                	
                  15.62

                	
                  181,774

                	
                  7.291

                	
                  84.01

                	
                  596

                	
                  42.74

                	
                  0.04

                
	
                  7.501
                    - 8.000

                	
                  374
                    

                	
                  66,870,343

                	
                  14.81

                	
                  178,798

                	
                  7.801

                	
                  82.25

                	
                  573

                	
                  44.30

                	
                  0.00

                
	
                  8.001
                    - 8.500

                	
                  182
                    

                	
                  26,298,905

                	
                  5.82

                	
                  144,499

                	
                  8.280

                	
                  82.60

                	
                  572

                	
                  33.70

                	
                  0.00

                
	
                  8.501
                    - 9.000

                	
                  128
                    

                	
                  17,411,552

                	
                  3.86

                	
                  136,028

                	
                  8.807

                	
                  79.37

                	
                  564

                	
                  37.47

                	
                  0.00

                
	
                  9.001
                    - 9.500

                	
                  33
                    

                	
                  4,285,490

                	
                  0.95

                	
                  129,863

                	
                  9.292

                	
                  82.64

                	
                  548

                	
                  48.89

                	
                  0.00

                
	
                  9.501
                    - 10.000

                	
                  16
                    

                	
                  1,748,485

                	
                  0.39

                	
                  109,280

                	
                  9.829

                	
                  68.53

                	
                  530

                	
                  44.07

                	
                  0.00

                
	
                  10.001
                    - 10.500

                	
                  2
                    

                	
                  346,850

                	
                  0.08

                	
                  173,425

                	
                  10.157

                	
                  60.02

                	
                  523

                	
                  100.00

                	
                  0.00

                
	
                  10.501
                    - 11.000

                	
                  6
                    

                	
                  446,088

                	
                  0.10

                	
                  74,348

                	
                  10.881

                	
                  72.28

                	
                  532

                	
                  74.18

                	
                  0.00

                
	
                  Total:

                	
                  2,297
                    

                	
                  451,594,791
                    

                	
                  100.00

                	
                  196,602
                    

                	
                  6.947

                	
                  82.24

                	
                  609

                	
                  43.31

                	
                  0.01

                


        

         

        
          	
                  Description
                    of the Total Mortgage
                    Loans

                


        

        


        


        
          	
                  Distribution
                    By Life Maximum Rate

                
	
                  Life
                    Maximum Rate (%)

                	
                  Number
                    of 

                  Loans
                    

                	
                  Unpaid
                    Principal 

                  Balance
                    ($)

                	
                  %
                    of Pool by Principal Balance

                	
                  Avg.
                    Principal Balance ($)

                	
                  Wtd.
                    Avg. Gross Coupon (%)

                	
                  Wtd.
                    Avg. Orig. LTV (%)

                	
                  Wtd.
                    Avg. FICO

                	
                  %
                    Full 

                  Doc
                    Loan

                	
                  %
                    2nd Lien

                
	
                  10.501
                    - 11.000

                	
                  4
                    

                	
                  1,434,900
                    

                	
                  0.32

                	
                  358,725
                    

                	
                  5.000

                	
                  76.62

                	
                  674

                	
                  28.99

                	
                  0.00

                
	
                  11.001
                    - 11.500

                	
                  30
                    

                	
                  9,894,700

                	
                  2.19

                	
                  329,823

                	
                  5.340

                	
                  78.38

                	
                  675

                	
                  55.15

                	
                  0.00

                
	
                  11.501
                    - 12.000

                	
                  83
                    

                	
                  24,667,564

                	
                  5.46

                	
                  297,200

                	
                  5.662

                	
                  80.17

                	
                  658

                	
                  39.49

                	
                  0.00

                
	
                  12.001
                    - 12.500

                	
                  145
                    

                	
                  38,637,012

                	
                  8.56

                	
                  266,462

                	
                  5.987

                	
                  81.35

                	
                  643

                	
                  46.44

                	
                  0.00

                
	
                  12.501
                    - 13.000

                	
                  227
                    

                	
                  51,669,837

                	
                  11.44

                	
                  227,620

                	
                  6.271

                	
                  82.65

                	
                  626

                	
                  51.70

                	
                  0.00

                
	
                  13.001
                    - 13.500

                	
                  329
                    

                	
                  66,571,882

                	
                  14.74

                	
                  202,346

                	
                  6.503

                	
                  81.98

                	
                  625

                	
                  45.87

                	
                  0.00

                
	
                  13.501
                    - 14.000

                	
                  432
                    

                	
                  87,532,092

                	
                  19.38

                	
                  202,621

                	
                  6.860

                	
                  82.90

                	
                  610

                	
                  40.79

                	
                  0.00

                
	
                  14.001
                    - 14.500

                	
                  332
                    

                	
                  59,119,807

                	
                  13.09

                	
                  178,072

                	
                  7.315

                	
                  83.78

                	
                  593

                	
                  40.22

                	
                  0.05

                
	
                  14.501
                    - 15.000

                	
                  355
                    

                	
                  62,785,604

                	
                  13.90

                	
                  176,861

                	
                  7.814

                	
                  82.95

                	
                  574

                	
                  42.31

                	
                  0.00

                
	
                  15.001
                    - 15.500

                	
                  178
                    

                	
                  25,447,839

                	
                  5.64

                	
                  142,965

                	
                  8.284

                	
                  82.69

                	
                  573

                	
                  34.13

                	
                  0.00

                
	
                  15.501
                    - 16.000

                	
                  125
                    

                	
                  17,006,640

                	
                  3.77

                	
                  136,053

                	
                  8.803

                	
                  79.59

                	
                  564

                	
                  38.36

                	
                  0.00

                
	
                  16.001
                    - 16.500

                	
                  34
                    

                	
                  4,496,740

                	
                  1.00

                	
                  132,257

                	
                  9.334

                	
                  81.81

                	
                  546

                	
                  51.29

                	
                  0.00

                
	
                  16.501
                    - 17.000

                	
                  16
                    

                	
                  1,748,485

                	
                  0.39

                	
                  109,280

                	
                  9.829

                	
                  68.53

                	
                  530

                	
                  44.07

                	
                  0.00

                
	
                  17.001
                    - 17.500

                	
                  1
                    

                	
                  135,600

                	
                  0.03

                	
                  135,600

                	
                  10.090

                	
                  52.27

                	
                  539

                	
                  100.00

                	
                  0.00

                
	
                  17.501
                    - 18.000

                	
                  6
                    

                	
                  446,088

                	
                  0.10

                	
                  74,348

                	
                  10.881

                	
                  72.28

                	
                  532

                	
                  74.18

                	
                  0.00

                
	
                  Total:

                	
                  2,297
                    

                	
                  451,594,791
                    

                	
                  100.00

                	
                  196,602
                    

                	
                  6.947

                	
                  82.24

                	
                  609

                	
                  43.31

                	
                  0.01

                


        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        
          	
                  Description
                    of the Total Mortgage
                    Loans

                


        

        


        


        
          	
                  Distribution
                    By Initial Cap

                
	
                  Initial
                    Cap (%)

                	
                  Number
                    of 

                  Loans
                    

                	
                  Unpaid
                    Principal 

                  Balance
                    ($)

                	
                  %
                    of Pool by Principal Balance

                	
                  Avg.
                    Principal Balance ($)

                	
                  Wtd.
                    Avg. Gross 

                  Coupon
                    (%)

                	
                  Wtd.
                    Avg. Orig. LTV (%)

                	
                  Wtd.
                    Avg. FICO

                	
                  %
                    Full 

                  Doc
                    Loan

                	
                  %
                    2nd Lien

                
	
                  1.000

                	
                  12
                    

                	
                  2,355,712
                    

                	
                  0.52

                	
                  196,309
                    

                	
                  7.018

                	
                  82.45

                	
                  622

                	
                  45.37

                	
                  0.00

                
	
                  1.500

                	
                  1,911
                    

                	
                  351,585,132
                    

                	
                  77.85

                	
                  183,980
                    

                	
                  7.100

                	
                  82.54

                	
                  602

                	
                  42.85

                	
                  0.01

                
	
                  3.000

                	
                  336
                    

                	
                  85,797,710
                    

                	
                  19.00

                	
                  255,350
                    

                	
                  6.461

                	
                  81.72

                	
                  630

                	
                  43.40

                	
                  0.00

                
	
                  5.000

                	
                  38
                    

                	
                  11,856,238
                    

                	
                  2.63

                	
                  312,006
                    

                	
                  5.906

                	
                  76.94

                	
                  665

                	
                  56.15

                	
                  0.00

                
	
                  Total:

                	
                  2,297
                    

                	
                  451,594,791
                    

                	
                  100.00

                	
                  196,602
                    

                	
                  6.947

                	
                  82.24

                	
                  609

                	
                  43.31

                	
                  0.01

                


        

         

        
          	
                  Distribution
                    By Periodic Cap

                
	
                  Periodic
                    Cap (%)

                	
                  Number
                    of 

                  Loans
                    

                	
                  Unpaid
                    Principal 

                  Balance
                    ($)

                	
                  %
                    of Pool by Principal Balance

                	
                  Avg.
                    Principal Balance ($)

                	
                  Wtd.
                    Avg. Gross Coupon (%)

                	
                  Wtd.
                    Avg. Orig. LTV (%)

                	
                  Wtd.
                    Avg. FICO

                	
                  %
                    Full Doc Loan

                	
                  %
                    2nd Lien

                
	
                  1.000

                	
                  386
                    

                	
                  100,009,660
                    

                	
                  22.15

                	
                  259,092
                    

                	
                  6.409

                	
                  81.17

                	
                  634

                	
                  44.96

                	
                  0.00

                
	
                  1.500

                	
                  1,911
                    

                	
                  351,585,132
                    

                	
                  77.85

                	
                  183,980
                    

                	
                  7.100

                	
                  82.54

                	
                  602

                	
                  42.85

                	
                  0.01

                
	
                  Total:

                	
                  2,297
                    

                	
                  451,594,791
                    

                	
                  100.00

                	
                  196,602
                    

                	
                  6.947

                	
                  82.24

                	
                  609

                	
                  43.31

                	
                  0.01

                


        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        
          	
                  Sensitivity
                    Analysis

                
	
                  To
                    Optional Termination

                


        

        


        Class
          A-1 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  5.28

                	
                  3.59

                	
                  2.64

                	
                  2.02

                	
                  1.55

                
	
                  Principal
                    Window

                	
                  1
                    -
                    176

                	
                  1
                    -
                    122

                	
                  1
                    - 90

                	
                  1
                    -
                    71

                	
                  1
                    -
                    57

                


        

        


        Class
          A-2 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  1.99

                	
                  1.34

                	
                  1.00

                	
                  0.79

                	
                  0.65

                
	
                  Principal
                    Window

                	
                  1
                    -
                    52

                	
                  1
                    -
                    35

                	
                  1
                    - 26

                	
                  1
                    -
                    20

                	
                  1
                    -
                    17

                


        

        


        Class
          A-3 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  6.20

                	
                  4.17

                	
                  3.00

                	
                  2.21

                	
                  1.78

                
	
                  Principal
                    Window

                	
                  52
                    - 104

                	
                  35
                    - 70

                	
                  26
                    - 52

                	
                  20
                    - 34

                	
                  17
                    - 27

                


        

        


        Class
          A-4 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  12.48

                	
                  8.58

                	
                  6.34

                	
                  4.88

                	
                  3.55

                
	
                  Principal
                    Window

                	
                  104
                    - 176

                	
                  70
                    - 122

                	
                  52
                    - 90

                	
                  34
                    - 71

                	
                  27
                    - 57

                


        

        


        Class
          M-1 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  9.74

                	
                  6.65

                	
                  5.04

                	
                  4.35

                	
                  4.19

                
	
                  Principal
                    Window

                	
                  57
                    - 176

                	
                  38
                    - 122

                	
                  39
                    - 90

                	
                  42
                    - 71

                	
                  45
                    - 57

                


        

        


        Class
          M-2 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  9.74

                	
                  6.65

                	
                  5.03

                	
                  4.26

                	
                  3.95

                
	
                  Principal
                    Window

                	
                  57
                    - 176

                	
                  38
                    - 122

                	
                  39
                    - 90

                	
                  41
                    - 71

                	
                  43
                    - 57

                


        

        


        Class
          M-3 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  9.74

                	
                  6.65

                	
                  5.01

                	
                  4.23

                	
                  3.88

                
	
                  Principal
                    Window

                	
                  57
                    - 176

                	
                  38
                    - 122

                	
                  38
                    - 90

                	
                  40
                    - 71

                	
                  42
                    - 57

                


        

        


        Class
          M-4 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  9.74

                	
                  6.65

                	
                  5.01

                	
                  4.21

                	
                  3.83

                
	
                  Principal
                    Window

                	
                  57
                    - 176

                	
                  38
                    - 122

                	
                  38
                    - 90

                	
                  40
                    - 71

                	
                  41
                    - 57

                


        

        


        Class
          M-5 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  9.74

                	
                  6.65

                	
                  5.01

                	
                  4.18

                	
                  3.78

                
	
                  Principal
                    Window

                	
                  57
                    - 176

                	
                  38
                    - 122

                	
                  38
                    - 90

                	
                  39
                    - 71

                	
                  41
                    - 57

                


        


        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        


        


        
          	
                  Sensitivity
                    Analysis

                
	
                  To
                    Optional Termination

                


        

        


        Class
          M-6 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  9.74

                	
                  6.65

                	
                  5.01

                	
                  4.18

                	
                  3.74

                
	
                  Principal
                    Window

                	
                  57
                    - 176

                	
                  38
                    - 122

                	
                  38
                    - 90

                	
                  39
                    - 71

                	
                  40
                    - 57

                


        

        


        Class
          M-7 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  9.74

                	
                  6.65

                	
                  5.00

                	
                  4.15

                	
                  3.71

                
	
                  Principal
                    Window

                	
                  57
                    - 176

                	
                  38
                    - 122

                	
                  37
                    - 90

                	
                  38
                    - 71

                	
                  39
                    - 57

                


        

        


        Class
          M-8 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  9.74

                	
                  6.65

                	
                  4.99

                	
                  4.14

                	
                  3.68

                
	
                  Principal
                    Window

                	
                  57
                    - 176

                	
                  38
                    - 122

                	
                  37
                    - 90

                	
                  38
                    - 71

                	
                  39
                    - 57

                


        

        


        Class
          M-9 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  9.74

                	
                  6.65

                	
                  4.99

                	
                  4.14

                	
                  3.64

                
	
                  Principal
                    Window

                	
                  57
                    - 176

                	
                  38
                    - 122

                	
                  37
                    - 90

                	
                  37
                    - 71

                	
                  38
                    - 57

                


        

        


        Class
          M-10 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  9.43

                	
                  6.42

                	
                  4.83

                	
                  3.97

                	
                  3.52

                
	
                  Principal
                    Window

                	
                  57
                    - 173

                	
                  38
                    - 120

                	
                  37
                    - 89

                	
                  37
                    - 69

                	
                  37
                    - 56

                


        

        


        Class
          M-11 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  8.60

                	
                  5.82

                	
                  4.39

                	
                  3.62

                	
                  3.21

                
	
                  Principal
                    Window

                	
                  57
                    - 145

                	
                  38
                    - 99

                	
                  37
                    - 73

                	
                  37
                    - 57

                	
                  37
                    - 46

                


        


        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                  Sensitivity
                    Analysis

                
	
                  To
                    Maturity

                


        

        


        Class
          A-1 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  5.65

                	
                  3.90

                	
                  2.89

                	
                  2.21

                	
                  1.71

                
	
                  Principal
                    Window

                	
                  1
                    -
                    323

                	
                  1
                    -
                    259

                	
                  1
                    - 201

                	
                  1
                    -
                    160

                	
                  1
                    -
                    130

                


        

        


        Class
          A-2 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  1.99

                	
                  1.34

                	
                  1.00

                	
                  0.79

                	
                  0.65

                
	
                  Principal
                    Window

                	
                  1
                    -
                    52

                	
                  1
                    -
                    35

                	
                  1
                    - 26

                	
                  1
                    -
                    20

                	
                  1
                    -
                    17

                


        

        


        Class
          A-3 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  6.20

                	
                  4.17

                	
                  3.00

                	
                  2.21

                	
                  1.78

                
	
                  Principal
                    Window

                	
                  52
                    - 104

                	
                  35
                    - 70

                	
                  26
                    - 52

                	
                  20
                    - 34

                	
                  17
                    - 27

                


        

        


        Class
          A-4 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  14.13

                	
                  9.93

                	
                  7.42

                	
                  5.71

                	
                  4.24

                
	
                  Principal
                    Window

                	
                  104
                    - 323

                	
                  70
                    - 259

                	
                  52
                    - 201

                	
                  34
                    - 160

                	
                  27
                    - 130

                


        

        


        Class
          M-1 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  10.55

                	
                  7.29

                	
                  5.56

                	
                  4.75

                	
                  4.52

                
	
                  Principal
                    Window

                	
                  57
                    - 279

                	
                  38
                    - 207

                	
                  39
                    - 157

                	
                  42
                    - 124

                	
                  45
                    - 100

                


        

        


        Class
          M-2 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  10.50

                	
                  7.24

                	
                  5.50

                	
                  4.62

                	
                  4.25

                
	
                  Principal
                    Window

                	
                  57
                    - 261

                	
                  38
                    - 190

                	
                  39
                    - 144

                	
                  41
                    - 113

                	
                  43
                    - 91

                


        

        


        Class
          M-3 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  10.46

                	
                  7.21

                	
                  5.46

                	
                  4.57

                	
                  4.16

                
	
                  Principal
                    Window

                	
                  57
                    - 253

                	
                  38
                    - 182

                	
                  38
                    - 138

                	
                  40
                    - 108

                	
                  42
                    - 88

                


        

        


        Class
          M-4 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  10.42

                	
                  7.18

                	
                  5.43

                	
                  4.54

                	
                  4.09

                
	
                  Principal
                    Window

                	
                  57
                    - 246

                	
                  38
                    - 177

                	
                  38
                    - 133

                	
                  40
                    - 105

                	
                  41
                    - 85

                


        

        


        Class
          M-5 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  10.37

                	
                  7.14

                	
                  5.40

                	
                  4.48

                	
                  4.03

                
	
                  Principal
                    Window

                	
                  57
                    - 238

                	
                  38
                    - 171

                	
                  38
                    - 129

                	
                  39
                    - 101

                	
                  41
                    - 81

                


        


        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        


        


        
          	
                  Sensitivity
                    Analysis

                
	
                  To
                    Maturity

                


        

        


        Class
          M-6 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  10.31

                	
                  7.09

                	
                  5.36

                	
                  4.44

                	
                  3.96

                
	
                  Principal
                    Window

                	
                  57
                    - 230

                	
                  38
                    - 164

                	
                  38
                    - 123

                	
                  39
                    - 97

                	
                  40
                    - 78

                


        

        


        Class
          M-7 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  10.22

                	
                  7.02

                	
                  5.29

                	
                  4.38

                	
                  3.89

                
	
                  Principal
                    Window

                	
                  57
                    - 220

                	
                  38
                    - 156

                	
                  37
                    - 117

                	
                  38
                    - 92

                	
                  39
                    - 74

                


        

        


        Class
          M-8 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  10.10

                	
                  6.92

                	
                  5.21

                	
                  4.31

                	
                  3.82

                
	
                  Principal
                    Window

                	
                  57
                    - 209

                	
                  38
                    - 147

                	
                  37
                    - 110

                	
                  38
                    - 86

                	
                  39
                    - 69

                


        

        


        Class
          M-9 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  9.87

                	
                  6.75

                	
                  5.08

                	
                  4.20

                	
                  3.70

                
	
                  Principal
                    Window

                	
                  57
                    - 196

                	
                  38
                    - 137

                	
                  37
                    - 102

                	
                  37
                    - 80

                	
                  38
                    - 65

                


        

        


        Class
          M-10 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  9.43

                	
                  6.42

                	
                  4.83

                	
                  3.97

                	
                  3.52

                
	
                  Principal
                    Window

                	
                  57
                    - 173

                	
                  38
                    - 120

                	
                  37
                    - 89

                	
                  37
                    - 69

                	
                  37
                    - 56

                


        

        


        Class
          M-11 Certificates

        
          	
                  Pricing
                    Speed

                	
                  50%

                	
                  75%

                	
                  100%

                	
                  125%

                	
                  150%

                
	
                  WAL
                    (yrs)

                	
                  8.60

                	
                  5.82

                	
                  4.39

                	
                  3.62

                	
                  3.21

                
	
                  Principal
                    Window

                	
                  57
                    - 145

                	
                  38
                    - 99

                	
                  37
                    - 73

                	
                  37
                    - 57

                	
                  37
                    - 46

                


        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        
          	
                  Net
                    WAC Cap (%) for Class A Certificates

                
	
                  Period

                	
                  NWC(1)

                	
                  NWC(2)

                	 	
                  Period

                	
                  NWC(1)

                	
                  NWC(2)

                	 	
                  Period

                	
                  NWC(1)

                	
                  NWC(2)

                
	 	 	 	 	 	 	 	 	 	 	 
	
                  1

                	
                  6.51
                    

                	
                  9.25
                    

                	 	
                  31

                	
                  5.82
                    

                	
                  9.25
                    

                	 	
                  61

                	
                  6.09
                    

                	
                  9.79
                    

                
	
                  2

                	
                  5.46
                    

                	
                  9.25
                    

                	 	
                  32

                	
                  6.06
                    

                	
                  9.34
                    

                	 	
                  62

                	
                  5.90
                    

                	
                  9.47
                    

                
	
                  3

                	
                  5.64
                    

                	
                  9.25
                    

                	 	
                  33

                	
                  5.87
                    

                	
                  9.55
                    

                	 	
                  63

                	
                  6.09
                    

                	
                  9.78
                    

                
	
                  4

                	
                  5.46
                    

                	
                  9.25
                    

                	 	
                  34

                	
                  6.07
                    

                	
                  9.78
                    

                	 	
                  64

                	
                  5.89
                    

                	
                  9.46
                    

                
	
                  5

                	
                  5.46
                    

                	
                  9.25
                    

                	 	
                  35

                	
                  5.89
                    

                	
                  9.62
                    

                	 	
                  65

                	
                  5.89
                    

                	
                  9.47
                    

                
	
                  6

                	
                  6.04
                    

                	
                  9.25
                    

                	 	
                  36

                	
                  5.89
                    

                	
                  9.61
                    

                	 	
                  66

                	
                  6.52
                    

                	
                  10.48
                    

                
	
                  7

                	
                  5.46
                    

                	
                  9.25
                    

                	 	
                  37

                	
                  6.09
                    

                	
                  9.80
                    

                	 	
                  67

                	
                  5.89
                    

                	
                  9.46
                    

                
	
                  8

                	
                  5.64
                    

                	
                  9.25
                    

                	 	
                  38

                	
                  5.89
                    

                	
                  9.87
                    

                	 	
                  68

                	
                  6.09
                    

                	
                  9.77
                    

                
	
                  9

                	
                  5.46
                    

                	
                  9.25
                    

                	 	
                  39

                	
                  6.09
                    

                	
                  10.43
                    

                	 	
                  69

                	
                  5.89
                    

                	
                  9.45
                    

                
	
                  10

                	
                  5.64
                    

                	
                  9.25
                    

                	 	
                  40

                	
                  5.89
                    

                	
                  10.29
                    

                	 	
                  70

                	
                  6.09
                    

                	
                  9.76
                    

                
	
                  11

                	
                  5.46
                    

                	
                  9.25
                    

                	 	
                  41

                	
                  5.89
                    

                	
                  11.20
                    

                	 	
                  71

                	
                  5.89
                    

                	
                  9.44
                    

                
	
                  12

                	
                  5.46
                    

                	
                  9.25
                    

                	 	
                  42

                	
                  6.29
                    

                	
                  10.70
                    

                	 	
                  72

                	
                  5.89
                    

                	
                  9.43
                    

                
	
                  13

                	
                  5.64
                    

                	
                  9.25
                    

                	 	
                  43

                	
                  5.89
                    

                	
                  10.29
                    

                	 	
                  73

                	
                  6.08
                    

                	
                  9.74
                    

                
	
                  14

                	
                  5.46
                    

                	
                  9.25
                    

                	 	
                  44

                	
                  6.08
                    

                	
                  9.30
                    

                	 	
                  74

                	
                  5.89
                    

                	
                  9.42
                    

                
	
                  15

                	
                  5.64
                    

                	
                  9.25
                    

                	 	
                  45

                	
                  5.89
                    

                	
                  9.23
                    

                	 	
                  75

                	
                  6.08
                    

                	
                  9.73
                    

                
	
                  16

                	
                  5.46
                    

                	
                  9.25
                    

                	 	
                  46

                	
                  6.08
                    

                	
                  9.55
                    

                	 	
                  76

                	
                  5.88
                    

                	
                  9.41
                    

                
	
                  17

                	
                  5.46
                    

                	
                  9.25
                    

                	 	
                  47

                	
                  5.88
                    

                	
                  9.25
                    

                	 	
                  77

                	
                  5.88
                    

                	
                  9.41
                    

                
	
                  18

                	
                  6.04
                    

                	
                  9.25
                    

                	 	
                  48

                	
                  5.88
                    

                	
                  9.25
                    

                	 	
                  78

                	
                  6.51
                    

                	
                  10.41
                    

                
	
                  19

                	
                  5.46
                    

                	
                  9.25
                    

                	 	
                  49

                	
                  6.08
                    

                	
                  9.59
                    

                	 	
                  79

                	
                  5.88
                    

                	
                  9.40
                    

                
	
                  20

                	
                  5.72
                    

                	
                  9.25
                    

                	 	
                  50

                	
                  5.88
                    

                	
                  9.35
                    

                	 	
                  80

                	
                  6.08
                    

                	
                  9.71
                    

                
	
                  21

                	
                  5.73
                    

                	
                  9.25
                    

                	 	
                  51

                	
                  6.08
                    

                	
                  9.66
                    

                	 	
                  81

                	
                  5.88
                    

                	
                  9.39
                    

                
	
                  22

                	
                  5.99
                    

                	
                  9.25
                    

                	 	
                  52

                	
                  5.88
                    

                	
                  9.35
                    

                	 	
                  82

                	
                  6.08
                    

                	
                  9.70
                    

                
	
                  23

                	
                  5.80
                    

                	
                  9.25
                    

                	 	
                  53

                	
                  5.88
                    

                	
                  9.36
                    

                	 	
                  83

                	
                  5.88
                    

                	
                  9.38
                    

                
	
                  24

                	
                  5.80
                    

                	
                  9.25
                    

                	 	
                  54

                	
                  6.51
                    

                	
                  10.36
                    

                	 	
                  84

                	
                  5.88
                    

                	
                  9.37
                    

                
	
                  25

                	
                  6.00
                    

                	
                  9.25
                    

                	 	
                  55

                	
                  5.88
                    

                	
                  9.37
                    

                	 	
                  85

                	
                  6.07
                    

                	
                  9.68
                    

                
	
                  26

                	
                  5.80
                    

                	
                  9.25
                    

                	 	
                  56

                	
                  6.07
                    

                	
                  9.72
                    

                	 	
                  86

                	
                  5.88
                    

                	
                  9.36
                    

                
	
                  27

                	
                  5.99
                    

                	
                  9.25
                    

                	 	
                  57

                	
                  5.88
                    

                	
                  9.41
                    

                	 	
                  87

                	
                  6.07
                    

                	
                  9.67
                    

                
	
                  28

                	
                  5.80
                    

                	
                  9.25
                    

                	 	
                  58

                	
                  6.07
                    

                	
                  9.72
                    

                	 	
                  88

                	
                  5.88
                    

                	
                  9.36
                    

                
	
                  29

                	
                  5.80
                    

                	
                  9.25
                    

                	 	
                  59

                	
                  5.90
                    

                	
                  9.48
                    

                	 	
                  89

                	
                  5.88
                    

                	
                  9.35
                    

                
	
                  30

                	
                  6.42
                    

                	
                  9.25
                    

                	 	
                  60

                	
                  5.90
                    

                	
                  9.48
                    

                	 	
                  90

                	
                  6.28
                    

                	
                  9.99
                    

                


        

         

        
          	
                  (1)
                    Assumes 1mLIBOR and 6mLIBOR remain constant at 1.82% and 2.06%,
                    respectively, and the cashflows are run to Optional Termination
                    at the
                    pricing speed.

                
	
                  (2)
                    Assumes 1mLIBOR and 6mLIBOR increase instantaneously to a level
                    beyond the
                    maximum allowable under the Mortgage Loans and the cashflows
                    are run to
                    Optional Termination at the pricing speed, and all payments from
                    the
                    respective Interest Rate Corridor are collected when
                    due.

                
	 


        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

         

        
          	
                  Net
                    WAC Cap (%) for Class M Certificates

                
	
                  Period

                	
                  NWC(1)

                	
                  NWC(2)

                	 	
                  Period

                	
                  NWC(1)

                	
                  NWC(2)

                	 	
                  Period

                	
                  NWC(1)

                	
                  NWC(2)

                
	 	 	 	 	 	 	 	 	 	 	 
	
                  1

                	
                  6.51
                    

                	
                  8.50
                    

                	 	
                  31

                	
                  5.82
                    

                	
                  9.34
                    

                	 	
                  61

                	
                  6.09
                    

                	
                  9.79
                    

                
	
                  2

                	
                  5.46
                    

                	
                  8.50
                    

                	 	
                  32

                	
                  6.06
                    

                	
                  9.73
                    

                	 	
                  62

                	
                  5.90
                    

                	
                  9.47
                    

                
	
                  3

                	
                  5.64
                    

                	
                  8.50
                    

                	 	
                  33

                	
                  5.87
                    

                	
                  9.96
                    

                	 	
                  63

                	
                  6.09
                    

                	
                  9.78
                    

                
	
                  4

                	
                  5.46
                    

                	
                  8.50
                    

                	 	
                  34

                	
                  6.07
                    

                	
                  10.06
                    

                	 	
                  64

                	
                  5.89
                    

                	
                  9.46
                    

                
	
                  5

                	
                  5.46
                    

                	
                  8.50
                    

                	 	
                  35

                	
                  5.89
                    

                	
                  9.96
                    

                	 	
                  65

                	
                  5.89
                    

                	
                  9.47
                    

                
	
                  6

                	
                  6.04
                    

                	
                  8.50
                    

                	 	
                  36

                	
                  5.89
                    

                	
                  9.88
                    

                	 	
                  66

                	
                  6.52
                    

                	
                  10.48
                    

                
	
                  7

                	
                  5.46
                    

                	
                  8.50
                    

                	 	
                  37

                	
                  6.09
                    

                	
                  9.92
                    

                	 	
                  67

                	
                  5.89
                    

                	
                  9.46
                    

                
	
                  8

                	
                  5.64
                    

                	
                  8.50
                    

                	 	
                  38

                	
                  5.89
                    

                	
                  10.14
                    

                	 	
                  68

                	
                  6.09
                    

                	
                  9.77
                    

                
	
                  9

                	
                  5.46
                    

                	
                  8.50
                    

                	 	
                  39

                	
                  6.09
                    

                	
                  8.95
                    

                	 	
                  69

                	
                  5.89
                    

                	
                  9.45
                    

                
	
                  10

                	
                  5.64
                    

                	
                  8.50
                    

                	 	
                  40

                	
                  5.89
                    

                	
                  8.72
                    

                	 	
                  70

                	
                  6.09
                    

                	
                  9.76
                    

                
	
                  11

                	
                  5.46
                    

                	
                  8.50
                    

                	 	
                  41

                	
                  5.89
                    

                	
                  8.74
                    

                	 	
                  71

                	
                  5.89
                    

                	
                  9.44
                    

                
	
                  12

                	
                  5.46
                    

                	
                  8.50
                    

                	 	
                  42

                	
                  6.29
                    

                	
                  9.33
                    

                	 	
                  72

                	
                  5.89
                    

                	
                  9.43
                    

                
	
                  13

                	
                  5.64
                    

                	
                  8.50
                    

                	 	
                  43

                	
                  5.89
                    

                	
                  8.77
                    

                	 	
                  73

                	
                  6.08
                    

                	
                  9.74
                    

                
	
                  14

                	
                  5.46
                    

                	
                  8.50
                    

                	 	
                  44

                	
                  6.08
                    

                	
                  9.30
                    

                	 	
                  74

                	
                  5.89
                    

                	
                  9.42
                    

                
	
                  15

                	
                  5.64
                    

                	
                  8.50
                    

                	 	
                  45

                	
                  5.89
                    

                	
                  9.23
                    

                	 	
                  75

                	
                  6.08
                    

                	
                  9.73
                    

                
	
                  16

                	
                  5.46
                    

                	
                  8.50
                    

                	 	
                  46

                	
                  6.08
                    

                	
                  9.55
                    

                	 	
                  76

                	
                  5.88
                    

                	
                  9.41
                    

                
	
                  17

                	
                  5.46
                    

                	
                  8.50
                    

                	 	
                  47

                	
                  5.88
                    

                	
                  9.25
                    

                	 	
                  77

                	
                  5.88
                    

                	
                  9.41
                    

                
	
                  18

                	
                  6.04
                    

                	
                  8.50
                    

                	 	
                  48

                	
                  5.88
                    

                	
                  9.25
                    

                	 	
                  78

                	
                  6.51
                    

                	
                  10.41
                    

                
	
                  19

                	
                  5.46
                    

                	
                  8.50
                    

                	 	
                  49

                	
                  6.08
                    

                	
                  9.59
                    

                	 	
                  79

                	
                  5.88
                    

                	
                  9.40
                    

                
	
                  20

                	
                  5.72
                    

                	
                  8.50
                    

                	 	
                  50

                	
                  5.88
                    

                	
                  9.35
                    

                	 	
                  80

                	
                  6.08
                    

                	
                  9.71
                    

                
	
                  21

                	
                  5.73
                    

                	
                  8.50
                    

                	 	
                  51

                	
                  6.08
                    

                	
                  9.66
                    

                	 	
                  81

                	
                  5.88
                    

                	
                  9.39
                    

                
	
                  22

                	
                  5.99
                    

                	
                  8.50
                    

                	 	
                  52

                	
                  5.88
                    

                	
                  9.35
                    

                	 	
                  82

                	
                  6.08
                    

                	
                  9.70
                    

                
	
                  23

                	
                  5.80
                    

                	
                  8.50
                    

                	 	
                  53

                	
                  5.88
                    

                	
                  9.36
                    

                	 	
                  83

                	
                  5.88
                    

                	
                  9.38
                    

                
	
                  24

                	
                  5.80
                    

                	
                  8.50
                    

                	 	
                  54

                	
                  6.51
                    

                	
                  10.36
                    

                	 	
                  84

                	
                  5.88
                    

                	
                  9.37
                    

                
	
                  25

                	
                  6.00
                    

                	
                  8.50
                    

                	 	
                  55

                	
                  5.88
                    

                	
                  9.37
                    

                	 	
                  85

                	
                  6.07
                    

                	
                  9.68
                    

                
	
                  26

                	
                  5.80
                    

                	
                  8.50
                    

                	 	
                  56

                	
                  6.07
                    

                	
                  9.72
                    

                	 	
                  86

                	
                  5.88
                    

                	
                  9.36
                    

                
	
                  27

                	
                  5.99
                    

                	
                  9.66
                    

                	 	
                  57

                	
                  5.88
                    

                	
                  9.41
                    

                	 	
                  87

                	
                  6.07
                    

                	
                  9.67
                    

                
	
                  28

                	
                  5.80
                    

                	
                  9.60
                    

                	 	
                  58

                	
                  6.07
                    

                	
                  9.72
                    

                	 	
                  88

                	
                  5.88
                    

                	
                  9.36
                    

                
	
                  29

                	
                  5.80
                    

                	
                  9.56
                    

                	 	
                  59

                	
                  5.90
                    

                	
                  9.48
                    

                	 	
                  89

                	
                  5.88
                    

                	
                  9.35
                    

                
	
                  30

                	
                  6.42
                    

                	
                  9.75
                    

                	 	
                  60

                	
                  5.90
                    

                	
                  9.48
                    

                	 	
                  90

                	
                  6.28
                    

                	
                  9.99
                    

                


        

         

        
          	
                  (1)
                    Assumes 1mLIBOR and 6mLIBOR remain constant at 1.82% and 2.06%,
                    respectively, and the cashflows are run to Optional Termination
                    at the
                    pricing speed.

                
	
                  (2)
                    Assumes 1mLIBOR and 6mLIBOR increase instantaneously to a level
                    beyond the
                    maximum allowable under the Mortgage Loans and the cashflows
                    are run to
                    Optional Termination at the pricing speed, and all payments from
                    the
                    respective Interest Rate Corridor are collected when
                    due.

                


        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          



        
          	
                  Excess
                    Spread 

                


        

        


        


        
          	
                  Period

                	
                  %
                    At

                  Static
                    LIBOR (1)(3)

                	
                  %
                    At Fwd

                  LIBOR
                    (2) (3)

                	
                  1m
                    LIBOR (%)

                	
                  6m
                    LIBOR (%)

                	 	
                  Period

                	
                  %
                    At

                  Static
                    LIBOR (1) (3)

                	
                  %
                    At Fwd

                  LIBOR
                    (2) (3)

                	
                  1m
                    LIBOR (%)

                	
                  6m
                    LIBOR (%)

                
	
                  1

                	
                  3.64

                	
                  3.50

                	
                  1.99

                	
                  2.17

                	 	
                  47

                	
                  3.46

                	
                  2.08

                	
                  4.47

                	
                  4.68

                
	
                  2

                	
                  3.25

                	
                  3.08

                	
                  2.08

                	
                  2.25

                	 	
                  48

                	
                  3.46

                	
                  2.33

                	
                  4.56

                	
                  4.67

                
	
                  3

                	
                  3.33

                	
                  3.07

                	
                  2.14

                	
                  2.32

                	 	
                  49

                	
                  3.54

                	
                  2.41

                	
                  4.70

                	
                  4.76

                
	
                  4

                	
                  3.24

                	
                  2.92

                	
                  2.14

                	
                  2.39

                	 	
                  50

                	
                  3.45

                	
                  2.12

                	
                  4.65

                	
                  4.78

                
	
                  5

                	
                  3.24

                	
                  2.91

                	
                  2.14

                	
                  2.48

                	 	
                  51

                	
                  3.53

                	
                  2.39

                	
                  4.71

                	
                  4.83

                
	
                  6

                	
                  3.46

                	
                  3.17

                	
                  2.47

                	
                  2.58

                	 	
                  52

                	
                  3.44

                	
                  2.15

                	
                  4.74

                	
                  4.85

                
	
                  7

                	
                  3.22

                	
                  2.56

                	
                  2.48

                	
                  2.63

                	 	
                  53

                	
                  3.44

                	
                  2.12

                	
                  4.40

                	
                  4.88

                
	
                  8

                	
                  3.30

                	
                  2.65

                	
                  2.46

                	
                  2.72

                	 	
                  54

                	
                  3.70

                	
                  2.97

                	
                  5.04

                	
                  4.99

                
	
                  9

                	
                  3.21

                	
                  2.55

                	
                  2.58

                	
                  2.84

                	 	
                  55

                	
                  3.44

                	
                  1.82

                	
                  4.87

                	
                  4.95

                
	
                  10

                	
                  3.28

                	
                  2.53

                	
                  2.65

                	
                  2.94

                	 	
                  56

                	
                  3.53

                	
                  2.22

                	
                  4.95

                	
                  4.99

                
	
                  11

                	
                  3.20

                	
                  2.36

                	
                  2.73

                	
                  3.05

                	 	
                  57

                	
                  3.44

                	
                  2.02

                	
                  4.78

                	
                  5.01

                
	
                  12

                	
                  3.19

                	
                  2.26

                	
                  2.82

                	
                  3.13

                	 	
                  58

                	
                  3.53

                	
                  2.38

                	
                  4.94

                	
                  5.07

                
	
                  13

                	
                  3.26

                	
                  2.28

                	
                  3.02

                	
                  3.28

                	 	
                  59

                	
                  3.47

                	
                  2.11

                	
                  5.04

                	
                  5.10

                
	
                  14

                	
                  3.18

                	
                  1.96

                	
                  3.16

                	
                  3.39

                	 	
                  60

                	
                  3.47

                	
                  2.01

                	
                  4.83

                	
                  5.06

                
	
                  15

                	
                  3.25

                	
                  1.92

                	
                  3.15

                	
                  3.48

                	 	
                  61

                	
                  3.56

                	
                  2.41

                	
                  5.10

                	
                  5.17

                
	
                  16

                	
                  3.16

                	
                  1.81

                	
                  3.34

                	
                  3.59

                	 	
                  62

                	
                  3.48

                	
                  2.01

                	
                  5.05

                	
                  5.20

                
	
                  17

                	
                  3.15

                	
                  1.60

                	
                  3.19

                	
                  3.67

                	 	
                  63

                	
                  3.56

                	
                  2.31

                	
                  5.12

                	
                  5.24

                
	
                  18

                	
                  3.38

                	
                  2.13

                	
                  3.72

                	
                  3.78

                	 	
                  64

                	
                  3.48

                	
                  2.06

                	
                  5.15

                	
                  5.24

                
	
                  19

                	
                  3.14

                	
                  1.22

                	
                  3.67

                	
                  3.79

                	 	
                  65

                	
                  3.49

                	
                  2.04

                	
                  4.79

                	
                  5.26

                
	
                  20

                	
                  3.28

                	
                  1.70

                	
                  3.68

                	
                  3.86

                	 	
                  66

                	
                  3.74

                	
                  2.95

                	
                  5.46

                	
                  5.36

                
	
                  21

                	
                  3.40

                	
                  1.97

                	
                  3.78

                	
                  3.88

                	 	
                  67

                	
                  3.49

                	
                  1.74

                	
                  5.27

                	
                  5.29

                
	
                  22

                	
                  3.54

                	
                  2.17

                	
                  3.82

                	
                  3.91

                	 	
                  68

                	
                  3.58

                	
                  2.16

                	
                  5.33

                	
                  5.31

                
	
                  23

                	
                  3.46

                	
                  1.99

                	
                  3.82

                	
                  3.95

                	 	
                  69

                	
                  3.50

                	
                  1.94

                	
                  5.13

                	
                  5.30

                
	
                  24

                	
                  3.45

                	
                  1.98

                	
                  3.82

                	
                  3.91

                	 	
                  70

                	
                  3.58

                	
                  2.34

                	
                  5.27

                	
                  5.33

                
	
                  25

                	
                  3.52

                	
                  2.13

                	
                  4.04

                	
                  3.98

                	 	
                  71

                	
                  3.50

                	
                  2.01

                	
                  5.34

                	
                  5.34

                
	
                  26

                	
                  3.42

                	
                  1.87

                	
                  3.80

                	
                  3.99

                	 	
                  72

                	
                  3.51

                	
                  1.94

                	
                  5.09

                	
                  5.27

                
	
                  27

                	
                  3.50

                	
                  2.53

                	
                  3.95

                	
                  4.04

                	 	
                  73

                	
                  3.59

                	
                  2.38

                	
                  5.34

                	
                  5.37

                
	
                  28

                	
                  3.40

                	
                  2.24

                	
                  4.08

                	
                  4.07

                	 	
                  74

                	
                  3.52

                	
                  1.96

                	
                  5.27

                	
                  5.38

                
	
                  29

                	
                  3.40

                	
                  2.11

                	
                  3.59

                	
                  4.08

                	 	
                  75

                	
                  3.60

                	
                  2.26

                	
                  5.32

                	
                  5.42

                
	
                  30

                	
                  3.64

                	
                  3.01

                	
                  4.24

                	
                  4.18

                	 	
                  76

                	
                  3.52

                	
                  2.02

                	
                  5.34

                	
                  5.42

                
	
                  31

                	
                  3.40

                	
                  1.97

                	
                  4.09

                	
                  4.17

                	 	
                  77

                	
                  3.53

                	
                  2.01

                	
                  4.94

                	
                  5.44

                
	
                  32

                	
                  3.52

                	
                  2.39

                	
                  4.06

                	
                  4.24

                	 	
                  78

                	
                  3.78

                	
                  2.96

                	
                  5.65

                	
                  5.54

                
	
                  33

                	
                  3.43

                	
                  2.34

                	
                  4.13

                	
                  4.26

                	 	
                  79

                	
                  3.54

                	
                  1.72

                	
                  5.43

                	
                  5.48

                
	
                  34

                	
                  3.51

                	
                  2.44

                	
                  4.17

                	
                  4.30

                	 	
                  80

                	
                  3.62

                	
                  2.16

                	
                  5.50

                	
                  5.51

                
	
                  35

                	
                  3.43

                	
                  2.27

                	
                  4.18

                	
                  4.36

                	 	
                  81

                	
                  3.55

                	
                  1.93

                	
                  5.29

                	
                  5.50

                
	
                  36

                	
                  3.42

                	
                  2.24

                	
                  4.19

                	
                  4.39

                	 	
                  82

                	
                  3.63

                	
                  2.34

                	
                  5.45

                	
                  5.55

                
	
                  37

                	
                  3.50

                	
                  2.43

                	
                  4.45

                	
                  4.42

                	 	
                  83

                	
                  3.56

                	
                  2.00

                	
                  5.55

                	
                  5.57

                
	
                  38

                	
                  3.45

                	
                  2.15

                	
                  4.20

                	
                  4.46

                	 	
                  84

                	
                  3.56

                	
                  1.91

                	
                  5.29

                	
                  5.57

                
	
                  39

                	
                  3.55

                	
                  2.65

                	
                  4.39

                	
                  4.49

                	 	
                  85

                	
                  3.65

                	
                  2.37

                	
                  5.57

                	
                  5.61

                
	
                  40

                	
                  3.47

                	
                  2.32

                	
                  4.54

                	
                  4.53

                	 	
                  86

                	
                  3.57

                	
                  1.93

                	
                  5.50

                	
                  5.63

                
	
                  41

                	
                  3.47

                	
                  2.18

                	
                  4.31

                	
                  4.56

                	 	
                  87

                	
                  3.66

                	
                  2.24

                	
                  5.56

                	
                  5.64

                
	
                  42

                	
                  3.64

                	
                  2.74

                	
                  4.42

                	
                  4.58

                	 	
                  88

                	
                  3.58

                	
                  1.99

                	
                  5.58

                	
                  5.65

                
	
                  43

                	
                  3.47

                	
                  2.30

                	
                  4.68

                	
                  4.61

                	 	
                  89

                	
                  3.59

                	
                  1.99

                	
                  5.55

                	
                  5.66

                
	
                  44

                	
                  3.55

                	
                  2.26

                	
                  4.40

                	
                  4.61

                	 	
                  90

                	
                  3.75

                	
                  2.43

                	
                  5.51

                	
                  5.67

                
	
                  45

                	
                  3.46

                	
                  2.40

                	
                  4.58

                	
                  4.66

                	 	
                  91

                	
                  N/A

                	
                  2.07

                	
                  5.67

                	
                  5.68

                
	
                  46

                	
                  3.54

                	
                  2.40

                	
                  4.72

                	
                  4.68

                	 	 	 	 	 	 


        

        


        
          	
                  (1)
                    Assumes 1mLIBOR and 6mLIBOR stay at 1.82% and 2.06% respectively,
                    and the
                    cashflows are run to the Optional Termination at the pricing
                    speed.

                
	
                  (2)
                    Assumes 1mLIBOR and 6mLIBOR follow the forward LIBOR Curve respectively,
                    and the cashflows are run to the Optional Termination at the
                    pricing
                    speed.

                
	
                  (3)
                    Calculated as (a) interest collections on the Mortgage Loans
                    (net of the
                    servicing fee, the trustee fee, the credit risk manager fee and
                    the
                    mortgage insurance fee), less the aggregate interest on the Certificates.
                    divided by (b) the aggregate principal balance of the Mortgage
                    Loans as of
                    the beginning period
                    (annualized).

                


        


        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        


        


        
          	
                  Class
                    A Interest Rate Corridor Notional Schedule
                    

                


        

        


        


        
          	
                  Period

                	
                  Accrual
                    Start

                	
                  Accrual
                    End

                	
                  Cap
                    Notional Schedule ($)

                	
                  Low
                    Strike (%)

                	
                  High
                    Strike (%) 

                
	
                  1

                	
                  09/29/2004

                	
                  10/25/2004

                	
                  569,667,000

                	
                  6.11

                	
                  8.85

                
	
                  2

                	
                  10/25/2004

                	
                  11/25/2004

                	
                  555,204,000

                	
                  5.06

                	
                  8.85

                
	
                  3

                	
                  11/25/2004

                	
                  12/25/2004

                	
                  540,731,000

                	
                  5.24

                	
                  8.85

                
	
                  4

                	
                  12/25/2004

                	
                  01/25/2005

                	
                  526,251,000

                	
                  5.06

                	
                  8.85

                
	
                  5

                	
                  01/25/2005

                	
                  02/25/2005

                	
                  511,764,000

                	
                  5.06

                	
                  8.85

                
	
                  6

                	
                  02/25/2005

                	
                  03/25/2005

                	
                  497,272,000

                	
                  5.64

                	
                  8.85

                
	
                  7

                	
                  03/25/2005

                	
                  04/25/2005

                	
                  482,779,000

                	
                  5.06

                	
                  8.85

                
	
                  8

                	
                  04/25/2005

                	
                  05/25/2005

                	
                  468,311,000

                	
                  5.24

                	
                  8.85

                
	
                  9

                	
                  05/25/2005

                	
                  06/25/2005

                	
                  454,025,000

                	
                  5.06

                	
                  8.85

                
	
                  10

                	
                  06/25/2005

                	
                  07/25/2005

                	
                  440,084,000

                	
                  5.24

                	
                  8.85

                
	
                  11

                	
                  07/25/2005

                	
                  08/25/2005

                	
                  426,482,000

                	
                  5.06

                	
                  8.85

                
	
                  12

                	
                  08/25/2005

                	
                  09/25/2005

                	
                  413,222,000

                	
                  5.06

                	
                  8.85

                
	
                  13

                	
                  09/25/2005

                	
                  10/25/2005

                	
                  400,295,000

                	
                  5.24

                	
                  8.85

                
	
                  14

                	
                  10/25/2005

                	
                  11/25/2005

                	
                  387,694,000

                	
                  5.06

                	
                  8.85

                
	
                  15

                	
                  11/25/2005

                	
                  12/25/2005

                	
                  375,410,000

                	
                  5.24

                	
                  8.85

                
	
                  16

                	
                  12/25/2005

                	
                  01/25/2006

                	
                  363,436,000

                	
                  5.06

                	
                  8.85

                
	
                  17

                	
                  01/25/2006

                	
                  02/25/2006

                	
                  351,763,000

                	
                  5.06

                	
                  8.85

                
	
                  18

                	
                  02/25/2006

                	
                  03/25/2006

                	
                  340,383,000

                	
                  5.64

                	
                  8.85

                
	
                  19

                	
                  03/25/2006

                	
                  04/25/2006

                	
                  329,290,000

                	
                  5.07

                	
                  8.85

                
	
                  20

                	
                  04/25/2006

                	
                  05/25/2006

                	
                  318,478,000

                	
                  5.55

                	
                  8.85

                
	
                  21

                	
                  05/25/2006

                	
                  06/25/2006

                	
                  307,955,000

                	
                  5.78

                	
                  8.85

                
	
                  22

                	
                  06/25/2006

                	
                  07/25/2006

                	
                  297,723,000

                	
                  6.14

                	
                  8.85

                
	
                  23

                	
                  07/25/2006

                	
                  08/25/2006

                	
                  287,736,000

                	
                  5.95

                	
                  8.85

                
	
                  24

                	
                  08/25/2006

                	
                  09/25/2006

                	
                  277,998,000

                	
                  5.95

                	
                  8.85

                
	
                  25

                	
                  09/25/2006

                	
                  10/25/2006

                	
                  268,504,000

                	
                  6.17

                	
                  8.85

                
	
                  26

                	
                  10/25/2006

                	
                  11/25/2006

                	
                  259,249,000

                	
                  6.21

                	
                  8.85

                
	
                  27

                	
                  11/25/2006

                	
                  12/25/2006

                	
                  250,237,000

                	
                  6.81

                	
                  8.85

                
	
                  28

                	
                  12/25/2006

                	
                  01/25/2007

                	
                  241,467,000

                	
                  6.64

                	
                  8.85

                
	
                  29

                	
                  01/25/2007

                	
                  02/25/2007

                	
                  232,919,000

                	
                  6.64

                	
                  8.85

                
	
                  30

                	
                  02/25/2007

                	
                  03/25/2007

                	
                  224,584,000

                	
                  7.40

                	
                  8.85

                
	
                  31

                	
                  03/25/2007

                	
                  04/25/2007

                	
                  216,459,000

                	
                  6.69

                	
                  8.85

                
	
                  32

                	
                  04/25/2007

                	
                  05/25/2007

                	
                  101,210,000

                	
                  5.44

                	
                  8.85

                
	
                  33

                	
                  05/25/2007

                	
                  06/25/2007

                	
                  97,604,000

                	
                  5.27

                	
                  8.85

                
	
                  34

                	
                  06/25/2007

                	
                  07/25/2007

                	
                  94,083,000

                	
                  5.49

                	
                  8.85

                
	
                  35

                	
                  07/25/2007

                	
                  08/25/2007

                	
                  90,644,000

                	
                  5.38

                	
                  8.85

                
	
                  36

                	
                  08/25/2007

                	
                  09/25/2007

                	
                  87,282,000

                	
                  5.38

                	
                  8.85

                
	
                  37

                	
                  09/25/2007

                	
                  10/25/2007

                	
                  83,998,000

                	
                  5.65

                	
                  8.85

                
	
                  38

                	
                  10/25/2007

                	
                  11/25/2007

                	
                  83,998,000

                	
                  5.61

                	
                  8.85

                
	
                  39

                	
                  11/25/2007

                	
                  12/25/2007

                	
                  83,998,000

                	
                  5.82

                	
                  8.85

                
	
                  40

                	
                  12/25/2007

                	
                  01/25/2008

                	
                  83,998,000

                	
                  5.63

                	
                  8.85

                
	
                  41

                	
                  01/25/2008

                	
                  02/25/2008

                	
                  83,998,000

                	
                  3.81

                	
                  8.85

                
	
                  42

                	
                  02/25/2008

                	
                  03/25/2008

                	
                  64,987,000

                	
                  5.32

                	
                  8.85

                
	
                  43

                	
                  03/25/2008

                	
                  04/25/2008

                	
                  63,488,000

                	
                  4.95

                	
                  8.85

                
	
                  44

                	
                  04/25/2008

                	
                  05/25/2008

                	
                  0

                	
                  N/A

                	
                  N/A

                


        

        



        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        


        


        
          	
                  Class
                    M Interest Rate Cap Corridor Notional Schedule
                    

                


        

        


        


        
          	
                  Period

                	
                  Accrual
                    Start

                	
                  Accrual
                    End

                	
                  Cap
                    Notional Schedule ($)

                	
                  Low
                    Strike (%)

                	
                  High
                    Strike (%) 

                
	
                  1

                	
                  09/29/2004

                	
                  10/25/2004

                	
                  91,877,000

                	
                  5.01

                	
                  7.00

                
	
                  2

                	
                  10/25/2004

                	
                  11/25/2004

                	
                  91,877,000

                	
                  3.96

                	
                  7.00

                
	
                  3

                	
                  11/25/2004

                	
                  12/25/2004

                	
                  91,877,000

                	
                  4.14

                	
                  7.00

                
	
                  4

                	
                  12/25/2004

                	
                  01/25/2005

                	
                  91,877,000

                	
                  3.96

                	
                  7.00

                
	
                  5

                	
                  01/25/2005

                	
                  02/25/2005

                	
                  91,877,000

                	
                  3.96

                	
                  7.00

                
	
                  6

                	
                  02/25/2005

                	
                  03/25/2005

                	
                  91,877,000

                	
                  4.54

                	
                  7.00

                
	
                  7

                	
                  03/25/2005

                	
                  04/25/2005

                	
                  91,877,000

                	
                  3.96

                	
                  7.00

                
	
                  8

                	
                  04/25/2005

                	
                  05/25/2005

                	
                  91,877,000

                	
                  4.14

                	
                  7.00

                
	
                  9

                	
                  05/25/2005

                	
                  06/25/2005

                	
                  91,877,000

                	
                  3.96

                	
                  7.00

                
	
                  10

                	
                  06/25/2005

                	
                  07/25/2005

                	
                  91,877,000

                	
                  4.14

                	
                  7.00

                
	
                  11

                	
                  07/25/2005

                	
                  08/25/2005

                	
                  91,877,000

                	
                  3.96

                	
                  7.00

                
	
                  12

                	
                  08/25/2005

                	
                  09/25/2005

                	
                  91,877,000

                	
                  3.96

                	
                  7.00

                
	
                  13

                	
                  09/25/2005

                	
                  10/25/2005

                	
                  91,877,000

                	
                  4.14

                	
                  7.00

                
	
                  14

                	
                  10/25/2005

                	
                  11/25/2005

                	
                  91,877,000

                	
                  3.96

                	
                  7.00

                
	
                  15

                	
                  11/25/2005

                	
                  12/25/2005

                	
                  91,877,000

                	
                  4.14

                	
                  7.00

                
	
                  16

                	
                  12/25/2005

                	
                  01/25/2006

                	
                  91,877,000

                	
                  3.96

                	
                  7.00

                
	
                  17

                	
                  01/25/2006

                	
                  02/25/2006

                	
                  91,877,000

                	
                  3.96

                	
                  7.00

                
	
                  18

                	
                  02/25/2006

                	
                  03/25/2006

                	
                  91,877,000

                	
                  4.54

                	
                  7.00

                
	
                  19

                	
                  03/25/2006

                	
                  04/25/2006

                	
                  91,877,000

                	
                  3.97

                	
                  7.00

                
	
                  20

                	
                  04/25/2006

                	
                  05/25/2006

                	
                  91,877,000

                	
                  4.45

                	
                  7.00

                
	
                  21

                	
                  05/25/2006

                	
                  06/25/2006

                	
                  91,877,000

                	
                  4.68

                	
                  7.00

                
	
                  22

                	
                  06/25/2006

                	
                  07/25/2006

                	
                  91,877,000

                	
                  5.04

                	
                  7.00

                
	
                  23

                	
                  07/25/2006

                	
                  08/25/2006

                	
                  91,877,000

                	
                  4.85

                	
                  7.00

                
	
                  24

                	
                  08/25/2006

                	
                  09/25/2006

                	
                  91,877,000

                	
                  4.85

                	
                  7.00

                
	
                  25

                	
                  09/25/2006

                	
                  10/25/2006

                	
                  91,877,000

                	
                  5.07

                	
                  7.00

                
	
                  26

                	
                  10/25/2006

                	
                  11/25/2006

                	
                  91,877,000

                	
                  5.11

                	
                  7.00

                
	
                  27

                	
                  11/25/2006

                	
                  12/25/2006

                	
                  75,383,000

                	
                  4.02

                	
                  7.00

                
	
                  28

                	
                  12/25/2006

                	
                  01/25/2007

                	
                  74,312,000

                	
                  3.84

                	
                  7.00

                
	
                  29

                	
                  01/25/2007

                	
                  02/25/2007

                	
                  73,270,000

                	
                  3.84

                	
                  7.00

                
	
                  30

                	
                  02/25/2007

                	
                  03/25/2007

                	
                  72,258,000

                	
                  4.51

                	
                  7.00

                
	
                  31

                	
                  03/25/2007

                	
                  04/25/2007

                	
                  71,275,000

                	
                  4.11

                	
                  7.00

                
	
                  32

                	
                  04/25/2007

                	
                  05/25/2007

                	
                  70,322,000

                	
                  4.32

                	
                  7.00

                
	
                  33

                	
                  05/25/2007

                	
                  06/25/2007

                	
                  69,399,000

                	
                  4.15

                	
                  7.00

                
	
                  34

                	
                  06/25/2007

                	
                  07/25/2007

                	
                  68,501,000

                	
                  4.43

                	
                  7.00

                
	
                  35

                	
                  07/25/2007

                	
                  08/25/2007

                	
                  67,629,000

                	
                  4.23

                	
                  7.00

                
	
                  36

                	
                  08/25/2007

                	
                  09/25/2007

                	
                  66,779,000

                	
                  4.31

                	
                  7.00

                
	
                  37

                	
                  09/25/2007

                	
                  10/25/2007

                	
                  65,953,000

                	
                  4.65

                	
                  7.00

                
	
                  38

                	
                  10/25/2007

                	
                  11/25/2007

                	
                  63,352,000

                	
                  4.47

                	
                  7.00

                
	
                  39

                	
                  11/25/2007

                	
                  12/25/2007

                	
                  0

                	
                  N/A

                	
                  N/A

                


        

        



        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

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