<PAGE>
                                  EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD 21703
         WWW.CTSLINK.COM
         TELEPHONE: (301) 815-6600
         FAX: (301) 315-6660

                                SMT SERIES 2004-9
                         RECORD DATE: DECEMBER 31, 2004
                       DISTRIBUTION DATE: JANUARY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate    Certificate
                        Class      Pass-Through        Beginning          Interest
Class      CUSIP     Description       Rate       Certificate Balance   Distribution
------   ---------   -----------   ------------   -------------------   ------------
<S>      <C>         <C>           <C>            <C>                   <C>
  A-1    81744FDV6       SEN         2.75000%        440,129,047.46     1,008,629.07
  A-2    81744FDW4       SEN         2.53000%        289,690,619.30       610,764.39
  X-A    81744FDX2        IO         0.54821%                  0.00       333,445.58
  X-B    81744FDY0        IO         0.18739%                  0.00         3,076.88
  B-1    81744FEA1       SUB         2.92000%         14,915,000.00        36,293.17
  B-2    81744FEB9       SUB         3.29000%          8,242,000.00        22,596.82
  B-3    81744FEC7       SUB         3.21094%          4,318,000.00        11,554.04
  B-4    81744FED5       SUB         3.21094%          2,355,000.00         6,301.47
  B-5    81744FEE3       SUB         3.21094%          1,962,000.00         5,249.89
  B-6    81744FEF0       SUB         3.21094%          3,533,134.00         9,453.91
  A-R    81744FDZ7       SEN         3.11883%                  0.00             0.00
                                                     --------------     ------------
Totals                                               765,144,800.76     2,047,365.22
                                                     ==============     ============
</TABLE>

<TABLE>
<CAPTION>
           Principal        Current      Ending Certificate       Total        Cumulative
Class     Distribution   Realized Loss         Balance         Distribution   Realized Loss
------   -------------   -------------   ------------------   -------------   -------------
<S>      <C>             <C>             <C>                  <C>             <C>
  A-1     8,964,053.55        0.00         431,164,993.91      9,972,682.62        0.00
  A-2     5,568,004.20        0.00         284,122,615.10      6,178,768.59        0.00
  X-A             0.00        0.00                   0.00        333,445.58        0.00
  X-B             0.00        0.00                   0.00          3,076.88        0.00
  B-1             0.00        0.00          14,915,000.00         36,293.17        0.00
  B-2             0.00        0.00           8,242,000.00         22,596.82        0.00
  B-3             0.00        0.00           4,318,000.00         11,554.04        0.00
  B-4             0.00        0.00           2,355,000.00          6,301.47        0.00
  B-5             0.00        0.00           1,962,000.00          5,249.89        0.00
  B-6             0.00        0.00           3,533,134.00          9,453.91        0.00
  A-R             0.00        0.00                   0.00              0.00        0.00
         -------------        ----         --------------     -------------        ----
Totals   14,532,057.75        0.00         750,612,743.01     16,579,422.97        0.00
         =============        ====         ==============     =============        ====
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
<PAGE>
                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                             Beginning       Scheduled     Unscheduled
          Original Face     Certificate      Principal      Principal                 Realized
Class        Amount           Balance      Distribution    Distribution   Accretion   Loss (1)
------   --------------   --------------   ------------   -------------   ---------   --------
<S>      <C>              <C>              <C>            <C>             <C>         <C>
  A-1    453,364,000.00   440,129,047.46     1,069.36      8,962,984.19      0.00       0.00
  A-2    296,310,000.00   289,690,619.30       124.85      5,567,879.35      0.00       0.00
  X-A              0.00             0.00         0.00              0.00      0.00       0.00
  X-B              0.00             0.00         0.00              0.00      0.00       0.00
  B-1     14,915,000.00    14,915,000.00         0.00              0.00      0.00       0.00
  B-2      8,242,000.00     8,242,000.00         0.00              0.00      0.00       0.00
  B-3      4,318,000.00     4,318,000.00         0.00              0.00      0.00       0.00
  B-4      2,355,000.00     2,355,000.00         0.00              0.00      0.00       0.00
  B-5      1,962,000.00     1,962,000.00         0.00              0.00      0.00       0.00
  B-6      3,533,134.00     3,533,134.00         0.00              0.00      0.00       0.00
  A-R            100.00             0.00         0.00              0.00      0.00       0.00
         --------------   --------------     --------     -------------      ----       ----
Totals   784,999,234.00   765,144,800.76     1,194.21     14,530,863.54      0.00       0.00
         ==============   ==============     ========     =============      ====       ====
</TABLE>

<TABLE>
<CAPTION>
         Total Principal   Ending Certificate   Ending Certificate   Total Principal
Class       Reduction            Balance            Percentage         Distribution
------   ---------------   ------------------   ------------------   ---------------
<S>      <C>               <C>                  <C>                  <C>
  A-1      8,964,053.55      431,164,993.91         0.95103492         8,964,053.55
  A-2      5,568,004.20      284,122,615.10         0.95886948         5,568,004.20
  X-A              0.00                0.00         0.00000000                 0.00
  X-B              0.00                0.00         0.00000000                 0.00
  B-1              0.00       14,915,000.00         1.00000000                 0.00
  B-2              0.00        8,242,000.00         1.00000000                 0.00
  B-3              0.00        4,318,000.00         1.00000000                 0.00
  B-4              0.00        2,355,000.00         1.00000000                 0.00
  B-5              0.00        1,962,000.00         1.00000000                 0.00
  B-6              0.00        3,533,134.00         1.00000000                 0.00
  A-R              0.00                0.00         0.00000000                 0.00
          -------------      --------------         ----------        -------------
Totals    14,532,057.75      750,612,743.01         0.95619551        14,532,057.75
          =============      ==============         ==========        =============
</TABLE>

(1)  Amount does not include excess special hazard, bankruptcy, or fraud losses
     unless otherwise disclosed. Please refer to the prospectus supplement for a
     full description.

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                             Beginning      Scheduled    Unscheduled
          Original Face     Certificate     Principal     Principal                   Realized
Class       Amount           Balance      Distribution   Distribution    Accretion     Loss (3)
-----   ---------------   -------------   ------------   ------------   ----------   ----------
<S>     <C>               <C>             <C>            <C>            <C>          <C>
 A-1    453,364,000.00     970.80722656    0.00235872    19.76995128    0.00000000   0.00000000
 A-2    296,310,000.00     977.66062333    0.00042135    18.79072374    0.00000000   0.00000000
 X-A              0.00       0.00000000    0.00000000     0.00000000    0.00000000   0.00000000
 X-B              0.00       0.00000000    0.00000000     0.00000000    0.00000000   0.00000000
 B-1     14,915,000.00    1000.00000000    0.00000000     0.00000000    0.00000000   0.00000000
 B-2      8,242,000.00    1000.00000000    0.00000000     0.00000000    0.00000000   0.00000000
 B-3      4,318,000.00    1000.00000000    0.00000000     0.00000000    0.00000000   0.00000000
 B-4      2,355,000.00    1000.00000000    0.00000000     0.00000000    0.00000000   0.00000000
 B-5      1,962,000.00    1000.00000000    0.00000000     0.00000000    0.00000000   0.00000000
 B-6      3,533,134.00    1000.00000000    0.00000000     0.00000000    0.00000000   0.00000000
 A-R            100.00    1000.00000000    0.50000000     0.00000000    0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>
        Total Principal   Ending Certificate   Ending Certificate   Total Principal
Class       Reduction            Balance            Percentage        Distribution
-----   ---------------   ------------------   ------------------   ---------------
<S>     <C>               <C>                  <C>                  <C>
 A-1      19.77231000         951.03491656         0.95103492         19.77231000
 A-2      18.79114508         958.86947825         0.95886948         18.79114508
 X-A       0.00000000           0.00000000         0.00000000          0.00000000
 X-B       0.00000000           0.00000000         0.00000000          0.00000000
 B-1       0.00000000        1000.00000000         1.00000000          0.00000000
 B-2       0.00000000        1000.00000000         1.00000000          0.00000000
 B-3       0.00000000        1000.00000000         1.00000000          0.00000000
 B-4       0.00000000        1000.00000000         1.00000000          0.00000000
 B-5       0.00000000        1000.00000000         1.00000000          0.00000000
 B-6       0.00000000        1000.00000000         1.00000000          0.00000000
 A-R       0.00000000           0.00000000         0.00000000          0.00000000
</TABLE>

(3)  Amount does not include excess special hazard, bankruptcy, or fraud losses
     unless otherwise disclosed. Please refer to the prospectus supplement for a
     full description.
<PAGE>
                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                               Beginning                     Payment of
                                              Certificate/       Current       Unpaid      Current
          Original Face        Current          Notional         Accrued      Interest     Interest
 Class       Amount       Certificate Rate      Balance         Interest      Shortfall   Shortfall
------   --------------   ----------------   --------------   ------------   ----------   ---------
<S>      <C>              <C>                <C>              <C>            <C>          <C>
 A-1     453,364,000.00        2.75000%      440,129,047.46   1,008,629.07      0.00         0.00
 A-2     296,310,000.00        2.53000%      289,690,619.30     610,764.39      0.00         0.00
 X-A               0.00        0.54821%      729,819,666.76     333,412.30      0.00         0.00
 X-B               0.00        0.18739%       23,157,000.00       3,616.17      0.00         0.00
 B-1      14,915,000.00        2.92000%       14,915,000.00      36,293.17      0.00         0.00
 B-2       8,242,000.00        3.29000%        8,242,000.00      22,596.82      0.00         0.00
 B-3       4,318,000.00        3.21094%        4,318,000.00      11,554.04      0.00         0.00
 B-4       2,355,000.00        3.21094%        2,355,000.00       6,301.47      0.00         0.00
 B-5       1,962,000.00        3.21094%        1,962,000.00       5,249.89      0.00         0.00
 B-6       3,533,134.00        3.21094%        3,533,134.00       9,453.91      0.00         0.00
 A-R             100.00        3.11883%                0.00           0.00      0.00         0.00
         --------------                                       ------------      ----         ----
Totals   784,999,234.00                                       2,047,871.23      0.00         0.00
         ==============                                       ============      ====         ====
</TABLE>


                         INTEREST DISTRIBUTION STATEMENT
<TABLE>
<CAPTION>
            Non-                                 Remaining       Ending
         Supported                                Unpaid      Certificate/
         Interest    Realized   Total Interest   Interest      Notational
 Class   Shortfall   Loss (4)    Distribution    Shortfall      Balance
------   ---------   --------   --------------   ---------   --------------
<S>      <C>         <C>        <C>              <C>          <C>
 A-1        0.00       0.00      1,008,629.07       0.00     431,164,993.91
 A-2        0.00       0.00        610,764.39       0.00     284,122,615.10
 X-A        0.00       0.00        333,445.58       0.00     715,287,609.01
 X-B        0.00       0.00          3,076.88       0.00      23,157,000.00
 B-1        0.00       0.00         36,293.17       0.00      14,915,000.00
 B-2        0.00       0.00         22,596.82       0.00       8,242,000.00
 B-3        0.00       0.00         11,554.04       0.00       4,318,000.00
 B-4        0.00       0.00          6,301.47       0.00       2,355,000.00
 B-5        0.00       0.00          5,249.89       0.00       1,962,000.00
 B-6        0.00       0.00          9,453.91       0.00       3,533,134.00
 A-R        0.00       0.00              0.00       0.00               0.00
            ----       ----      ------------       ----
Totals      0.00       0.00      2,047,365.22       0.00
            ====       ====      ============       ====

</TABLE>

(4)  Amount does not include excess special hazard, bankruptcy,
     or fraud losses unless otherwise disclosed. Please refer
     to the prospectus supplement for a full description.
<PAGE>
            INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                            Payment of
                           Current        Beginning                           Unpaid      Current
Class   Original Face    Certificate     Certificate/     Current Accrued    Interest     Interest
 (5)       Amount           Rate       Notional Balance      Interest        Shortfall    Shortfall
-----   --------------   -----------   ----------------   ---------------   ----------   ----------
<S>     <C>              <C>           <C>                <C>               <C>          <C>
 A-1    453,364,000.00     2.75000%       970.80722656       2.22476657     0.00000000   0.00000000
 A-2    296,310,000.00     2.53000%       977.66062333       2.06123448     0.00000000   0.00000000
 X-A              0.00     0.54821%       973.51604399       0.44474305     0.00000000   0.00000000
 X-B              0.00     0.18739%      1000.00000000       0.15615883     0.00000000   0.00000000
 B-1     14,915,000.00     2.92000%      1000.00000000       2.43333356     0.00000000   0.00000000
 B-2      8,242,000.00     3.29000%      1000.00000000       2.74166707     0.00000000   0.00000000
 B-3      4,318,000.00     3.21094%      1000.00000000       2.67578509     0.00000000   0.00000000
 B-4      2,355,000.00     3.21094%      1000.00000000       2.67578344     0.00000000   0.00000000
 B-5      1,962,000.00     3.21094%      1000.00000000       2.67578491     0.00000000   0.00000000
 B-6      3,533,134.00     3.21094%      1000.00000000       2.67578586     0.00000000   0.00000000
 A-R            100.00     3.11883%         0.00000000       0.00000000     0.00000000   0.00000000
</TABLE>
           INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
           Non-                                     Remaining
         Supported                                   Unpaid
Class    Interest     Realized    Total Interest    Interest    Ending Certificate/
 (5)     Shortfall    Loss (6)     Distribution     Shortfall   Notational Balance
-----   ----------   ----------   --------------   ----------   -------------------
<S>     <C>          <C>          <C>              <C>          <C>
 A-1    0.00000000   0.00000000     2.22476657     0.00000000       951.03491656
 A-2    0.00000000   0.00000000     2.06123448     0.00000000       958.86947825
 X-A    0.00000000   0.00000000     0.44478744     0.00000000       954.13154119
 X-B    0.00000000   0.00000000     0.13287041     0.00000000      1000.00000000
 B-1    0.00000000   0.00000000     2.43333356     0.00000000      1000.00000000
 B-2    0.00000000   0.00000000     2.74166707     0.00000000      1000.00000000
 B-3    0.00000000   0.00000000     2.67578509     0.00000000      1000.00000000
 B-4    0.00000000   0.00000000     2.67578344     0.00000000      1000.00000000
 B-5    0.00000000   0.00000000     2.67578491     0.00000000      1000.00000000
 B-6    0.00000000   0.00000000     2.67578586     0.00000000      1000.00000000
 A-R    0.00000000   0.00000000     0.00000000     0.00000000         0.00000000
</TABLE>

(5)  Per $1 denomination

(6)  Amount does not include excess special hazard, bankruptcy,
     or fraud losses unless otherwise disclosed. Please refer
     to the prospectus supplement for a full description.

              CERTIFICATEHOLDER ACCOUNT STATEMENT

                      CERTIFICATE ACCOUNT

<TABLE>
<S>                                                            <C>
Beginning Balance                                                       0.00

Deposits
   Payments of Interest and Principal                          16,835,363.80
   Liquidations, Insurance Proceeds, Reserve Funds                      0.00
   Proceeds from Repurchased Loans                                      0.00
   Other Amounts (Servicer Advances)                               14,399.00
   Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
   Prepayment Penalties                                                 0.00
                                                               -------------
Total Deposits                                                 16,849,762.80

Withdrawals
   Reimbursement for Servicer Advances                             25,496.37
   Payment of Service Fee                                         244,843.46
   Payment of Interest and Principal                           16,579,422.97
                                                               -------------
Total Withdrawals (Pool Distribution Amount)                   16,849,762.80

Ending Balance                                                          0.00
                                                               =============
</TABLE>
<PAGE>
           PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                       <C>
Total Prepayment/Curtailment Interest Shortfall           0.00
Servicing Fee Support                                     0.00
                                                          ----
Non-Supported Prepayment Curtailment Interest Shortfall   0.00
                                                          ====
</TABLE>

<TABLE>
                        SERVICING FEES
<S>                                                   <C>
Gross Servicing Fee                                   239,423.69
Master Servicing Fee                                    5,419.77
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------
Net Servicing Fee                                     244,843.46
                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                    Beginning     Current      Current    Ending
          Account Type               Balance    Withdrawals   Deposits   Balance
---------------------------------   ---------   -----------   --------   --------
<S>                                 <C>         <C>           <C>        <C>
Class X-A Pool 1 Comp Sub Account    4,500.00      16.64        16.64    4,500.00
Class X-A Pool 2 Comp Sub Account    4,500.00      16.64        16.64    4,500.00
Class X-B Sub Account                1,000.00     546.69       546.69    1,000.00
</TABLE>
<PAGE>
             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
           DELINQUENT                          BANKRUPTCY                         FORECLOSURE
---------------------------------   --------------------------------   --------------------------------
            No. of    Principal                  No. of    Principal                No. of    Principal
             Loans     Balance                    Loans     Balance                  Loans      Balance
            ------   ------------               --------   ---------               --------   ---------
<S>         <C>      <C>            <C>         <C>        <C>         <C>         <C>        <C>
0-29 Days      0             0.00   0-29 Days       0        0.00      0-29 Days       0         0.00
30 Days       12     4,270,224.23   30 Days         0        0.00      30 Days         0         0.00
60 Days        3       800,442.85   60 Days         0        0.00      60 Days         0         0.00
90 Days        0             0.00   90 Days         0        0.00      90 Days         0         0.00
120 Days       0             0.00   120 Days        0        0.00      120 Days        0         0.00
150 Days       0             0.00   150 Days        0        0.00      150 Days        0         0.00
180+ Days      0             0.00   180+ Days       0        0.00      180+ Days       0         0.00
              --     ------------                  --        ----                     --         ----
              15     5,070,667.08                   0        0.00                      0         0.00
              ==     ============                  ==        ====                     ==         ====
</TABLE>

<TABLE>
<CAPTION>
              REO                                  TOTAL
---------------------------------   -----------------------------------
             No. of     Principal                No. of      Principal
              Loans      Balance                  Loans       Balance
            --------    ---------               --------   ------------
<S>         <C>         <C>         <C>         <C>        <C>
0-29 Days       0          0.00     0-29 Days       0              0.00
30 Days         0          0.00     30 Days        12      4,270,224.23
60 Days         0          0.00     60 Days         3        800,442.85
90 Days         0          0.00     90 Days         0              0.00
120 Days        0          0.00     120 Days        0              0.00
150 Days        0          0.00     150 Days        0              0.00
180+ Days       0          0.00     180+ Days       0              0.00
               --          ----                    --      ------------
                0          0.00                    15      5,070,667.08
               ==          ====                    ==      ============
</TABLE>

<TABLE>
<CAPTION>
           DELINQUENT                         BANKRUPTCY                         FORECLOSURE
--------------------------------   --------------------------------   --------------------------------
             No. of    Principal                No. of    Principal                No. of    Principal
              Loans     Balance                  Loans      Balance                 Loans     Balance
            --------   ---------               --------   ---------               --------   ---------
<S>         <C>        <C>         <C>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     0.546199%  0.568898%   30 Days     0.000000%  0.000000%   30 Days     0.000000%  0.000000%
60 Days     0.136550%  0.106638%   60 Days     0.000000%  0.000000%   60 Days     0.000000%  0.000000%
90 Days     0.000000%  0.000000%   90 Days     0.000000%  0.000000%   90 Days     0.000000%  0.000000%
120 Days    0.000000%  0.000000%   120 Days    0.000000%  0.000000%   120 Days    0.000000%  0.000000%
150 Days    0.000000%  0.000000%   150 Days    0.000000%  0.000000%   150 Days    0.000000%  0.000000%
180+ Days   0.000000%  0.000000%   180+ Days   0.000000%  0.000000%   180+ Days   0.000000%  0.000000%
            --------   --------                --------   --------                --------   --------
            0.682749%  0.675536%               0.000000%  0.000000%               0.000000%  0.000000%
            ========   ========                ========   ========                ========   ========
</TABLE>

<TABLE>
<CAPTION>
               REO                              TOTAL
--------------------------------   --------------------------------
             No. of    Principal                No. of    Principal
              Loans     Balance                  Loans      Balance
            --------   ---------               --------   ---------
<S>         <C>        <C>         <C>         <C>         <C>
0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%   0.000000%
30 Days     0.000000%  0.000000%   30 Days     0.546199%   0.568898%
60 Days     0.000000%  0.000000%   60 Days     0.136550%   0.106638%
90 Days     0.000000%  0.000000%   90 Days     0.000000%   0.000000%
120 Days    0.000000%  0.000000%   120 Days    0.000000%   0.000000%
150 Days    0.000000%  0.000000%   150 Days    0.000000%   0.000000%
180+ Days   0.000000%  0.000000%   180+ Days   0.000000%   0.000000%
            --------   --------                --------    --------
            0.000000%  0.000000%               0.682749%   0.675536%
            ========   ========                ========    ========
</TABLE>

<TABLE>
<S>                                         <C>   <C>                                           <C>   <C>               <C>
Current Period Class A Insufficient Funds:  0.00  Principal Balance of Contaminated Properties  0.00  Periodic Advance  14,399.00
</TABLE>

<TABLE>
<CAPTION>
              Original $     Original%     Current $      Current %   Current Class %    Prepayment %
            -------------   ----------   -------------   ----------   ---------------   ------------
<S>         <C>             <C>          <C>             <C>          <C>               <C>
Class A     35,325,134.00   4.50002146%  35,325,134.00   4.70617296%    95.293827%        0.000000%
Class B-1   20,410,134.00   2.60001961%  20,410,134.00   2.71912969%     1.987043%       42.222062%
Class B-2   12,168,134.00   1.55008228%  12,168,134.00   1.62109345%     1.098036%       23.331829%
Class B-3    7,850,134.00   1.00001805%   7,850,134.00   1.04583010%     0.575263%       12.223591%
Class B-4    5,495,134.00   0.70001775%   5,495,134.00   0.73208642%     0.313744%        6.666641%
Class B-5    3,533,134.00   0.45008120%   3,533,134.00   0.47069998%     0.261386%        5.554119%
Class B-6            0.00   0.00000000%           0.00   0.00000000%     0.470700%       10.001757%
</TABLE>

Please refer to the prospectus supplement for a full description of loss
exposure
<PAGE>
                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
            DELINQUENT                        BANKRUPTCY                       FORECLOSURE
---------------------------------   ------------------------------   ------------------------------
POOL ONE
            No. of     Principal                No. of   Principal               No. of   Principal
            Loans       Balance                  Loans    Balance                 Loans    Balance
            ------   ------------               ------   ---------               ------   ---------
<S>         <C>      <C>            <C>         <C>      <C>         <C>         <C>       <C>
0-29 Days      0             0.00   0-29 Days      0        0.00     0-29 Days      0        0.00
30 Days        9     3,064,124.23   30 Days        0        0.00     30 Days        0        0.00
60 Days        3       800,442.85   60 Days        0        0.00     60 Days        0        0.00
90 Days        0             0.00   90 Days        0        0.00     90 Days        0        0.00
120 Days       0             0.00   120 Days       0        0.00     120 Days       0        0.00
150 Days       0             0.00   150 Days       0        0.00     150 Days       0        0.00
180+ Days      0             0.00   180+ Days      0        0.00     180+ Days      0        0.00
              --     ------------                 --        ----                   --        ----
              12     3,864,567.08                  0        0.00                    0        0.00
              ==     ============                 ==        ====                   ==        ====
</TABLE>

<TABLE>
<CAPTION>
              REO                           TOTAL
------------------------------   ---------------------------------
POOL ONE
            No. of   Principal               No. of     Principal
            Loans     Balance                 Loans     Balance
            ------   ---------               ------   ------------
<S>         <C>      <C>         <C>         <C>       <C>
0-29 Days      0        0.00     0-29 Days      0             0.00
30 Days        0        0.00     30 Days        9     3,064,124.23
60 Days        0        0.00     60 Days        3       800,442.85
90 Days        0        0.00     90 Days        0             0.00
120 Days       0        0.00     120 Days       0             0.00
150 Days       0        0.00     150 Days       0             0.00
180+ Days      0        0.00     180+ Days      0             0.00
              --        ----                   --     ------------
               0        0.00                   12     3,864,567.08
              ==        ====                   ==     ============
</TABLE>

<TABLE>
<CAPTION>
           DELINQUENT                         BANKRUPTCY                         FORECLOSURE
--------------------------------   --------------------------------   --------------------------------
             No. of    Principal                No. of    Principal                No. of    Principal
              Loans      Balance                 Loans     Balance                  Loans     Balance
            --------   ---------               --------   ---------               --------   ---------
<S>         <C>        <C>         <C>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     0.699301%  0.677111%   30 Days     0.000000%  0.000000%   30 Days     0.000000%  0.000000%
60 Days     0.233100%  0.176882%   60 Days     0.000000%  0.000000%   60 Days     0.000000%  0.000000%
90 Days     0.000000%  0.000000%   90 Days     0.000000%  0.000000%   90 Days     0.000000%  0.000000%
120 Days    0.000000%  0.000000%   120 Days    0.000000%  0.000000%   120 Days    0.000000%  0.000000%
150 Days    0.000000%  0.000000%   150 Days    0.000000%  0.000000%   150 Days    0.000000%  0.000000%
180+ Days   0.000000%  0.000000%   180+ Days   0.000000%  0.000000%   180+ Days   0.000000%  0.000000%
            --------   --------                --------   --------                --------   --------
            0.932401%  0.853993%               0.000000%  0.000000%               0.000000%  0.000000%
            ========   ========                ========   ========                ========   ========
</TABLE>

<TABLE>
<CAPTION>
              REO                                TOTAL
--------------------------------   --------------------------------
             No. of    Principal                No. of    Principal
              Loans     Balance                  Loans     Balance
            --------   ---------               --------   ---------
<S>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%   0.000000%
30 Days     0.000000%   0.000000%  30 Days     0.699301%   0.677111%
60 Days     0.000000%   0.000000%  60 Days     0.233100%   0.176882%
90 Days     0.000000%   0.000000%  90 Days     0.000000%   0.000000%
120 Days    0.000000%   0.000000%  120 Days    0.000000%   0.000000%
150 Days    0.000000%   0.000000%  150 Days    0.000000%   0.000000%
180+ Days   0.000000%   0.000000%  180+ Days   0.000000%   0.000000%
            --------    --------               --------    ---------
            0.000000%   0.000000%              0.932401%   0.853993%
            ========    ========               ========    =========
</TABLE>

<TABLE>
<CAPTION>
           DELINQUENT                         BANKRUPTCY                      FORECLOSURE
---------------------------------   ------------------------------   ------------------------------
POOL TWO                                       1.183654%
            No. of     Principal                No. of   Principal               No. of   Principal
             Loans      Balance                  Loans    Balance                Loans     Balance
            ------   ------------               ------   ---------               ------   ---------
<S>         <C>      <C>            <C>         <C>      <C>         <C>         <C>       <C>
0-29 Days      0             0.00   0-29 Days      0        0.00     0-29 Days      0       0.00
30 Days        3     1,206,100.00   30 Days        0        0.00     30 Days        0       0.00
60 Days        0             0.00   60 Days        0        0.00     60 Days        0       0.00
90 Days        0             0.00   90 Days        0        0.00     90 Days        0       0.00
120 Days       0             0.00   120 Days       0        0.00     120 Days       0       0.00
150 Days       0             0.00   150 Days       0        0.00     150 Days       0       0.00
180+ Days      0             0.00   180+ Days      0        0.00     180+ Days      0       0.00
              --     ------------                 --        ----                   --       ----
               3     1,206,100.00                  0        0.00                    0       0.00
              ==     ============                 ==        ====                   ==       ====
</TABLE>

<TABLE>
<CAPTION>
              REO                              TOTAL
------------------------------   ---------------------------------
POOL TWO
            No. of   Principal               No. of     Principal
             Loans    Balance                Loans       Balance
            ------   ---------               ------   ------------
<S>         <C>      <C>         <C>         <C>      <C>
0-29 Days      0        0.00     0-29 Days      0             0.00
30 Days        0        0.00     30 Days        3     1,206,100.00
60 Days        0        0.00     60 Days        0             0.00
90 Days        0        0.00     90 Days        0             0.00
120 Days       0        0.00     120 Days       0             0.00
150 Days       0        0.00     150 Days       0             0.00
180+ Days      0        0.00     180+ Days      0             0.00
              --        ----                   --     ------------
               0        0.00                    3     1,206,100.00
              ==        ====                   ==     ============
</TABLE>

<TABLE>
<CAPTION>
           DELINQUENT                         BANKRUPTCY                         FORECLOSURE
--------------------------------   --------------------------------   --------------------------------
             No. of    Principal                No. of    Principal                No. of    Principal
              Loans     Balance                 Loans      Balance                 Loans      Balance
            --------   ---------               --------   ---------               --------   ---------
<S>         <C>        <C>         <C>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%   0.000000%
30 Days     0.329670%  0.404616%   30 Days     0.000000%  0.000000%   30 Days     0.000000%   0.000000%
60 Days     0.000000%  0.000000%   60 Days     0.000000%  0.000000%   60 Days     0.000000%   0.000000%
90 Days     0.000000%  0.000000%   90 Days     0.000000%  0.000000%   90 Days     0.000000%   0.000000%
120 Days    0.000000%  0.000000%   120 Days    0.000000%  0.000000%   120 Days    0.000000%   0.000000%
150 Days    0.000000%  0.000000%   150 Days    0.000000%  0.000000%   150 Days    0.000000%   0.000000%
180+ Days   0.000000%  0.000000%   180+ Days   0.000000%  0.000000%   180+ Days   0.000000%   0.000000%
            --------   --------                --------   --------                --------    --------
            0.329670%  0.404616%               0.000000%  0.000000%               0.000000%   0.000000%
            ========   ========                ========   ========                ========    ========
</TABLE>

<TABLE>
<CAPTION>
               REO                               TOTAL
--------------------------------   --------------------------------
             No. of    Principal                 No. of   Principal
              Loans     Balance                  Loans     Balance
            --------   ---------               --------   ---------
<S>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     0.000000%  0.000000%   30 Days     0.329670%  0.404616%
60 Days     0.000000%  0.000000%   60 Days     0.000000%  0.000000%
90 Days     0.000000%  0.000000%   90 Days     0.000000%  0.000000%
120 Days    0.000000%  0.000000%   120 Days    0.000000%  0.000000%
150 Days    0.000000%  0.000000%   150 Days    0.000000%  0.000000%
180+ Days   0.000000%  0.000000%   180+ Days   0.000000%  0.000000%
            --------   --------                --------   --------
            0.000000%  0.000000%               0.329670%  0.404616%
            ========   ========                ========   ========
</TABLE>
<PAGE>
                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                Mixed Arm
----------------------                             --------------
<S>                                                <C>
Weighted Average Gross Coupon                            3.594884%
Weighted Average Net Coupon                              3.219388%
Weighted Average Pass-Through Rate                       3.210888%
Weighted Average Maturity (Stepdown Calculation)              333

Beginning Scheduled Collateral Loan Count                   2,225
Number of Loans Paid in Full                                   28
Ending Scheduled Collateral Loan Count                      2,197

Beginning Scheduled Collateral Balance             765,144,801.65
Ending Scheduled Collateral Balance                750,612,743.90
Ending Actual Collateral Balance at 31-Dec-2004    750,613,990.71

Monthly P&I Constant                                 2,293,366.31
Special Servicing Fee                                        0.00
Prepayment Penalties                                         0.00
Realization Loss Amount                                      0.00
Cumulative Realized Loss                                     0.00

Class A Optimal Amount                              16,484,320.52

Scheduled Principal                                      1,194.21
Unscheduled Principal                               14,530,863.54
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
             GROUP                      POOL 1              POOL 2             TOTAL
-------------------------------   -----------------   -----------------   --------------
<S>                               <C>                 <C>                 <C>
Collateral Description            1 Month LIBOR ARM   6 Month LIBOR ARM        Mixed ARM
Weighted Average Coupon Rate               3.608374            3.574380         3.594884
Weighted Average Net Rate                  3.232910            3.198837         3.219388
Pass-Through Rate                          3.224410            3.190337         3.210888
Weighted Average Maturity                       334                 333              333
Record Date                              12/31/2004          12/31/2004       12/31/2004
Principal and Interest Constant        1,388,765.84          904,600.47     2,293,366.31
Beginning Loan Count                          1,304                 921            2,225
Loans Paid in Full                               17                  11               28
Ending Loan Count                             1,287                 910            2,197
Beginning Scheduled Balance          461,491,958.34      303,652,843.31   765,144,801.65
Ending Scheduled Balance             452,527,904.79      298,084,839.11   750,612,743.90
Scheduled Principal                        1,069.36              124.85         1,194.21
Unscheduled Principal                  8,962,984.19        5,567,879.35    14,530,863.54
Scheduled Interest                     1,387,696.48          904,475.62     2,292,172.10
Servicing Fee                            144,394.67           95,029.02       239,423.69
Master Servicing Fee                       3,268.90            2,150.87         5,419.77
Trustee Fee                                    0.00                0.00             0.00
FRY Amount                                     0.00                0.00             0.00
Special Hazard Fee                             0.00                0.00             0.00
Other Fee                                      0.00                0.00             0.00
Pool Insurance Fee                             0.00                0.00             0.00
Spread 1                                       0.00                0.00             0.00
Spread 2                                       0.00                0.00             0.00
Spread 3                                       0.00                0.00             0.00
Net Interest                           1,240,032.91          807,295.73     2,047,328.64
Realized Loss Amount                           0.00                0.00             0.00
Cumulative Realized Loss                       0.00                0.00             0.00
Percentage of Cumulative Losses                0.00                0.00             0.00
Prepayment Penalties                           0.00                0.00             0.00
Special Servicing Fee                          0.00                0.00             0.00
</TABLE>
<PAGE>
MISCELLANEOUS REPORTING

<TABLE>
<S>                              <C>
Group One
Principal Transfer Amount              0.00
Interest Transfer Amount               0.00
Pro Rata Senior Percent           95.370903%
Senior Percent                   100.000000%
Senior Prepayment Percent        100.000000%
Subordinate Percent                0.000000%
Subordinate Prepayment Percent     0.000000%

Group Two
Principal Transfer Amount              0.00
Interest Transfer Amount               0.00
Pro Rata Senior Percent           95.401912%
Senior Percent                   100.000000%
Senior Prepayment Percent        100.000000%
Subordinate Percent                0.000000%
Subordinate Prepayment Percent     0.000000%
</TABLE>