<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

                                SHT SERIES 2004-1
                         RECORD DATE: DECEMBER 31, 2004
                       DISTRIBUTION DATE: JANUARY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
------ --------- ----------- ---------- --------------- ------------ ------------ -------- -------------- ------------ ----------
                             Certificate
                 Certificate    Pass-     Beginning                               Current      Ending                  Cumulative
                    Class     Through    Certificate      Interest    Principal   Realized   Certificate     Total      Realized
Class    CUSIP   Description    Rate       Balance      Distribution Distribution   Loss       Balance    Distribution    Loss
------ --------- ----------- ---------- --------------- ------------ ------------ -------- -------------- ------------ ----------
<S>    <C>       <C>         <C>        <C>             <C>          <C>          <C>      <C>            <C>          <C>
 NOTE  817419AA2     SEN      2.64000%   286,129,232.73  650,467.13  5,069,753.56   0.00   281,059,479.17 5,720,220.69    0.00
  L    SHT04002L     DRAW     0.00000%             0.00        0.00          0.00   0.00             0.00         0.00    0.00
  O    SHT04002O      OC      0.00000%     2,824,941.18        0.00          0.00   0.00     3,193,199.21         0.00    0.00
AMBAC                FEE      0.12000%             0.00   28,612.93          0.00   0.00             0.00    28,612.93    0.00
------ --------- ----------- ---------- --------------- ------------ ------------ -------- -------------- ------------ ----------
Totals                                   288,954,173.91  679,080.06  5,069,753.56   0.00   284,252,678.38 5,748,833.62    0.00
------ --------- ----------- ---------- --------------- ------------ ------------ -------- -------------- ------------ ----------
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
------ -------------- -------------- ------------ ------------ --------- ---------
          Original      Beginning     Scheduled    Unscheduled
            Face       Certificate     Principal   Principal             Realized
Class      Amount        Balance     Distribution Distribution Accretion  Loss (1)
------ -------------- -------------- ------------ ------------ --------- ---------
<S>    <C>            <C>            <C>          <C>          <C>       <C>
 NOTE  317,044,000.00 286,129,232.73     0.00     5,069,753.56    0.00     0.00
  L              0.00           0.00     0.00             0.00    0.00     0.00
  O             81.98   2,824,941.18     0.00             0.00    0.00     0.00
AMBAC            0.00           0.00     0.00             0.00    0.00     0.00
------ -------------- -------------- ------------ ------------ --------- ---------
Totals 317,044,081.98 288,954,173.91     0.00     5,069,753.56    0.00     0.00
------ -------------- -------------- ------------ ------------ --------- ---------
</TABLE>

<TABLE>
<CAPTION>
------ ------------ -------------- --------------- -------------
         Total         Ending         Ending           Total
        Principal    Certificate    Certificate      Principal
Class   Reduction      Balance      Percentage     Distribution
------ ------------ -------------- --------------- -------------
<S>    <C>          <C>            <C>             <C>
 NOTE  5,069,753.56 281,059,479.17      0.88649992  5,069,753.56
  L            0.00           0.00      0.00000000          0.00
  O            0.00   3,193,199.21 38,950.95401317          0.00
AMBAC          0.00           0.00      0.00000000          0.00
------ ------------ -------------- --------------- -------------
Totals 5,069,753.56 284,252,678.38      0.89657147  5,069,753.56
------ ------------ -------------- --------------- -------------
</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>
------ -------------- ---------------- ------------- ------------ ----------  ----------
         Original        Beginning       Scheduled   Unscheduled
           Face         Certificate      Principal    Principal                Realized
Class     Amount          Balance      Distribution  Distribution  Accretion   Loss (3)
------ -------------- ---------------- ------------- ------------ ----------  ----------
<S>    <C>            <C>              <C>           <C>          <C>         <C>
 NOTE  317,044,000.00     902.49060928   0.00000000  15.99069391  0.00000000  0.00000000
  L              0.00       0.00000000   0.00000000   0.00000000  0.00000000  0.00000000
  O             81.98 4458906.80653820   0.00000000   0.00000000  0.00000000  0.00000000
AMBAC            0.00       0.00000000   0.00000000   0.00000000  0.00000000  0.00000000
------ -------------- ---------------- ------------- ------------ ----------  ----------
</TABLE>

<TABLE>
<CAPTION>
          Total        Ending            Ending        Total
        Principal    Certificate       Certificate   Principal
Class   Reduction      Balance         Percentage   Distribution
------ ----------- ----------------- -------------- -------------
<S>    <C>         <C>               <C>            <C>
 NOTE  15.99069391      886.49991537    0.088649992 15.99069391
  L     0.00000000        0.00000000     0.00000000  0.00000000
  O     0.00000000 38950954.01317390 38950.95401317  0.00000000
AMBAC   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
         Original       Current    Certificate/   Current     Unpaid   Current   Non-Supported
           Face       Certificate    Notional     Accrued    Interest  Interest   Interest     Realized
Class     Amount         Rate        Balance      Interest   Shortfall Shortfall  Shortfall     Loss (4)
------ -------------- ----------- -------------- ---------- ---------- --------- ------------- ---------
<S>    <C>            <C>         <C>            <C>        <C>        <C>       <C>           <C>
 NOTE  317,044,000.00   2.64000%  286,129,232.73 650,467.12     0.00      0.00       0.00        0.00
  L              0.00   0.00000%            0.00       0.00     0.00      0.00       0.00        0.00
  O             81.98   0.00000%    2,824,941.18       0.00     0.00      0.00       0.00        0.00
AMBAC            0.00   0.01200%  286,129,232.73  28,612.92     0.00      0.00       0.00        0.00
------ -------------- ----------- -------------- ---------- ---------- --------- ------------- ---------
Totals 317,044,081.98                            679,080.04     0.00      0.00       0.00        0.00
------ -------------- ----------- -------------- ---------- ---------- --------- ------------- ---------
</TABLE>

<TABLE>
<CAPTION>
                    Remaining    Ending
          Total      Unpaid    Certificate/
         Interest   Interest   Notational
Class  Distribution Shortfall    Balance
-----  ------------ --------- --------------
<S>    <C>          <C>       <C>
 NOTE   650,467.13    0.00    281,059,479.17
  L           0.00    0.00              0.00
  O           0.00    0.00      3,193,199.21
AMBAC    28,612.93    0.00    281,059,479.17
-----  ------------ --------- --------------
Totals  679,080.06    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.

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
--------- -------------- ----------- ----------------- ---------- ---------- ---------- ---------- ----------
                                          Beginning               Payment of               Non-
            Original       Current       Certificate/    Current     Unpaid     Current  Supported
              Face       Certificate       Notional     Accrued    Interest   Interest   Interest   Realized
Class (5)    Amount         Rate           Balance      Interest   Shortfall  Shortfall  Shortfall  Loss (6)
--------- -------------- ----------- ----------------- ---------- ---------- ---------- ---------- ----------
<S>       <C>            <C>         <C>               <C>        <C>        <C>        <C>        <C>
  NOTE    317,044,000.00   2.64000%       902.49060928 2.05166198 0.00000000 0.00000000 0.00000000 0.00000000
    L               0.00   0.00000%         0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
    O              81.98   0.00000%  34458906.80653820 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
  AMBAC             0.00   0.12000%       902.49060928 0.09024905 0.00000000 0.00000000 0.00000000 0.00000000
--------- -------------- ----------- ----------------- ---------- ---------- ---------- ---------- ----------
</TABLE>

<TABLE>
<CAPTION>
--------- ------------ ---------- -----------------
                       Remaining       Ending
             Total      Unpaid      Certificate/
            Interest    Interest     Notational
Class (5) Distribution Shortfall       Balance
--------- ------------ ---------- -----------------
<S>       <C>          <C>        <C>
  NOTE     2.05166201  0.00000000      886.49991537
    L      0.00000000  0.00000000        0.00000000
    O      0.00000000  0.00000000 38950954.01317390
  AMBAC    0.09024908  0.00000000      886.49991537
--------- ------------ ---------- -----------------
</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                         5,865,353.14
         Liquidations, Insurance Proceeds, Reserve Funds                    0.00
         Proceeds from Repurchased Loans                                    0.00
         Other Amounts (Servicer Advances)                                  0.00
         Realized Losses (Gains, Subsequent Expenses & Recoveries)          0.00
         Prepayment Penalties                                               0.00
                                                                    ------------
Total Deposits                                                      5,865,353.14

Withdrawals
         Reimbursement for Servicer Advances                                0.00
         Payment of Service Fee                                       116,519.54
         Payment of Interest and Principal                          5,748,833.60
                                                                    ------------
Total Withdrawals (Pool Distribution Amount)                        5,865,353.14

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>

                                 SERVICING FEES

<TABLE>
<S>                                                                   <C>
Gross Servicing Fee                                                   112,907.61
Master Servicing Fee                                                    3,611.93
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------

Net Servicing Fee                                                     116,519.54
                                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                Beginning       Current       Current   Ending
                Account Type     Balance      Withdrawals    Deposits   Balance
----------------------------    ---------     -----------    --------  ---------
<S>                             <C>           <C>            <C>       <C>
Financial Guaranty                0.00           0.00          0.00      0.00
</TABLE>
<PAGE>
             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
          ---------------------  -------------------------------  -----------------------------  ------------------------------
                DELINQUENT                 BANKRUPTCY                     FORECLOSURE                            REO
          ---------------------  -------------------------------  -----------------------------  ------------------------------
            No. of     Principal            No. of     Principal             No. of   Principal             No. of    Principal
             Loans      Balance             Loans       Balance              Loans     Balance               Loans     Balance

<S>       <C>        <C>         <C>                  <C>         <C>        <C>      <C>        <C>        <C>        <C>
0-29 Days     0            0.00  0-29 Days    2       163,162.86  0-29 Days     0          0.00  0-29 Days     0          0.00
30 Days       1      239,437.72  30 Days      0             0.00  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  60 Days       0          0.00
90 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      1     14,739.98  120 Days      0          0.00
150 Days      0            0.00  150 Days     1       480,000.00  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  180+ Days     0          0.00
          ---------  ----------            --------   ----------            --------  ---------           ---------  ----------
              1      239,437.72               3       211,162.86                1     14,739.98                0          0.00


            No. of     Principal            No. of     Principal             No. of   Principal             No. of    Principal
             Loans      Balance             Loans       Balance              Loans     Balance               Loans     Balance

0-29 Days  0.000000%   0.000000% 0-29 Days 0.043206%    0.057401% 0-29 Days 0.000000%  0.000000% 0-29 Days 0.000000%  0.000000%
30 Days    0.021603%   0.084234% 30 Days   0.000000%    0.000000% 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% 60 Days   0.000000%  0.000000%
90 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  0.021603%  0.005186% 120 Days  0.000000%  0.000000%
150 Days   0.000000%   0.000000% 150 Days  0.021603%    0.016886% 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% 180+ Days 0.000000%  0.000000%
          ---------  ----------            --------   ----------            --------  ---------           ---------  ----------
           0.021603%   0.084234%           0.064809%    0.074287%           0.021603%  0.005186%           0.000000%  0.000000%
</TABLE>

<TABLE>
<CAPTION>
------------------------------
          TOTAL
------------------------------
            No. of   Principal
             Loans     Balance

<S>         <C>     <C>
0-29 Days     2     163,162.86
30 Days       1     239,437.72
60 Days       0           0.00
90 Days       0           0.00
120 Days      1      14,739.98
150 Days      1      48,000.00
180+ Days     0           0.00
          --------------------
              5     465,340.56
</TABLE>

<TABLE>
<CAPTION>
            No. of   Principal
             Loans     Balance
<S>       <C>        <C>
0-29 Days 0.043206%  0.057401%
30 Days   0.021603%  0.084234%
60 Days   0.000000%  0.000000%
90 Days   0.000000%  0.000000%
120 Days  0.021603%  0.005186%
150 Days  0.021603%  0.016886%
180+ Days 0.000000%  0.000000%
          --------------------
          0.108015%  0.163707%
</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   0.00
</TABLE>

<TABLE>
<S>          <C>         <C>              <C>               <C>                <C>             <C>
Class L      81.98       0.00002586%      3,193,199.21      1,13612934%        0.000000%       0.000000%
Class O       0.00       0.00000000%              0.00      0.00000000%        1.136129%       0.000000%
</TABLE>

Please refer to the prospectus supplement for a full description of loss
exposure
<PAGE>
                              COLLATERAL STATEMENT

<TABLE>
<S>                                                              <C>
Collateral Description                                                Mixed Arm

Weighted Average Gross Coupon                                         4.833339%
Weighted Average Net Coupon                                           4.364498%
Weighted Average Pass-Through Rate                                    4.349498%
Weighted Average Maturity (Stepdown Calculation)                            119

Beginning Scheduled Collateral Loan Count                                 4,759
Number of Loans Paid in Full                                                130
Ending Scheduled Collateral Loan Count                                    4,629

Beginning Scheduled Collateral Balance                           286,129,232.73
Ending Scheduled Collateral Balance                              281,059,479.17
Ending Actual Collateral Balance at 31-Dec-2004                  284,252,678.38

Monthly P&I Constant                                                       0.00
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realized Loss Amount                                                       0.00
Cumulative Realized Loss                                                   0.00
                                                                 --------------
</TABLE>


<TABLE>
<S>                                                              <C>
MISCELLANEOUS REPORTING

Additional Balance Contributed Amount                                      0.00
Additional Balance                                                 9,580,467.96
Cumulative Loss Percent                                                0.00000%
Managed Amortization Period                                                 YES
Overcollateralization Amount                                       3,193,199.21
Six Month Rolling Delinquency                                        0.5531557%
Specified Overcollateralization Amount                             3,963,051.02
3 Largest Loan Balance                                             5,385,830.56
Draw Amount                                                        9,580,467.96
Rapid Amortization Event                                                     NO
Excess Cashflow                                                      368,258.04
                                                                   ------------
</TABLE>