<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 2004-8
                         RECORD DATE: DECEMBER 31, 2004
                       DISTRIBUTION DATE: JANUARY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate    Certificate      Beginning
                        Class      Pass-Through     Certificate      Interest
 Class     CUSIP     Description       Rate           Balance      Distribution
------   ---------   -----------   ------------   --------------   ------------
<S>      <C>         <C>           <C>            <C>              <C>
  A-1    81744FDJ3       SEN          2.76000%    347,742,279.37     799,807.24
  A-2    81744FDK0       SEN          2.35000%    401,677,751.84     786,618.93
  X-A    81744FDL8        IO          0.64014%              0.00     399,821.67
  X-B    81744FDM6        IO          0.16698%              0.00       2,542.82
  B-1    81744FDP9       SUB          2.93000%     16,400,000.00      40,043.33
  B-2    81744FDQ7       SUB          3.31000%      8,200,000.00      22,618.33
  B-3    81744FDR5       SUB          3.18048%      4,100,000.00      10,866.63
  B-4    81744FDS3       SUB          3.18048%      2,460,000.00       6,519.98
  B-5    81744FDT1       SUB          3.18048%      2,050,000.00       5,433.32
  B-6    81744FDU8       SUB          3.18048%      3,690,645.34       9,781.68
  A-R    81744FDN4       SEN          2.99135%              0.00           0.00
                                                  --------------   ------------
Totals                                            786,320,676.55   2,084,053.93
                                                  ==============   ============
</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     9,196,237.57        0.00         338,546,041.80      9,996,044.81        0.00
  A-2    11,886,506.22        0.00         389,791,245.62     12,673,125.15        0.00
  X-A             0.00        0.00                   0.00        399,821.67        0.00
  X-B             0.00        0.00                   0.00          2,542.82        0.00
  B-1             0.00        0.00          16,400,000.00         40,043.33        0.00
  B-2             0.00        0.00           8,200,000.00         22,618.33        0.00
  B-3             0.00        0.00           4,100,000.00         10,866.63        0.00
  B-4             0.00        0.00           2,460,000.00          6,519.98        0.00
  B-5             0.00        0.00           2,050,000.00          5,433.32        0.00
  B-6             0.00        0.00           3,690,645.34          9,781.68        0.00
  A-R             0.00        0.00                   0.00              0.00        0.00
         -------------        ----         --------------     -------------        ----
Totals   21,082,743.79        0.00         765,237,932.76     23,166,797.72        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
 Class       Amount           Balance      Distribution    Distribution   Accretion
------   --------------   --------------   ------------   -------------   ---------
<S>      <C>              <C>              <C>            <C>             <C>
  A-1    365,049,000.00   347,742,279.37        0.00       9,196,237.57      0.00
  A-2    418,050,000.00   401,677,751.84      140.62      11,886,365.60      0.00
  X-A              0.00             0.00        0.00               0.00      0.00
  X-B              0.00             0.00        0.00               0.00      0.00
  B-1     16,400,000.00    16,400,000.00        0.00               0.00      0.00
  B-2      8,200,000.00     8,200,000.00        0.00               0.00      0.00
  B-3      4,100,000.00     4,100,000.00        0.00               0.00      0.00
  B-4      2,460,000.00     2,460,000.00        0.00               0.00      0.00
  B-5      2,050,000.00     2,050,000.00        0.00               0.00      0.00
  B-6      3,690,645.34     3,690,645.34        0.00               0.00      0.00
  A-R            100.00             0.00        0.00               0.00      0.00
         --------------   --------------      ------      -------------      ----
Totals   819,999,745.34   786,320,676.55      140.62      21,082,603.17      0.00
         ==============   ==============      ======      =============      ====
</TABLE>

<TABLE>
<CAPTION>
                        Total           Ending          Ending
         Realized     Principal       Certificate    Certificate   Total Principal
 Class   Loss (1)     Reduction         Balance       Percentage     Distribution
------   --------   -------------   --------------   -----------   ---------------
<S>      <C>        <C>             <C>              <C>           <C>
  A-1      0.00      9,196,237.57   338,546,041.80    0.92739890     9,196,237.57
  A-2      0.00     11,886,506.22   389,791,245.62    0.93240341    11,886,506.22
  X-A      0.00              0.00             0.00    0.00000000             0.00
  X-B      0.00              0.00             0.00    0.00000000             0.00
  B-1      0.00              0.00    16,400,000.00    1.00000000             0.00
  B-2      0.00              0.00     8,200,000.00    1.00000000             0.00
  B-3      0.00              0.00     4,100,000.00    1.00000000             0.00
  B-4      0.00              0.00     2,460,000.00    1.00000000             0.00
  B-5      0.00              0.00     2,050,000.00    1.00000000             0.00
  B-6      0.00              0.00     3,690,645.34    1.00000000             0.00
  A-R      0.00              0.00             0.00    0.00000000             0.00
           ----     -------------   --------------    ----------    -------------
Totals     0.00     21,082,743.79   765,237,932.76    0.93321728    21,082,743.79
           ====     =============   ==============    ==========    =============
</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
 Class       Amount           Balance      Distribution    Distribution    Accretion
------   --------------   --------------   ------------   -------------   ----------
<S>      <C>              <C>              <C>            <C>             <C>
  A-1    365,049,000.00     952.59069158    0.00000000     25.19178951    0.00000000
  A-2    418,050,000.00     960.83662681    0.00033637     28.43288028    0.00000000
  X-A              0.00       0.00000000    0.00000000      0.00000000    0.00000000
  X-B              0.00       0.00000000    0.00000000      0.00000000    0.00000000
  B-1     16,400,000.00    1000.00000000    0.00000000      0.00000000    0.00000000
  B-2      8,200,000.00    1000.00000000    0.00000000      0.00000000    0.00000000
  B-3      4,100,000.00    1000.00000000    0.00000000      0.00000000    0.00000000
  B-4      2,460,000.00    1000.00000000    0.00000000      0.00000000    0.00000000
  B-5      2,050,000.00    1000.00000000    0.00000000      0.00000000    0.00000000
  B-6      3,690,645.34    1000.00000000    0.00000000      0.00000000    0.00000000
  A-R            100.00       0.00000000    0.00000000      0.00000000    0.00000000
</TABLE>

<TABLE>
<CAPTION>
                         Total          Ending         Ending
          Realized     Principal     Certificate    Certificate   Total Principal
 Class    Loss (3)     Reduction       Balance       Percentage     Distribution
------   ----------   -----------   -------------   -----------   ---------------
<S>      <C>          <C>           <C>              <C>           <C>
  A-1    0.00000000   25.19178951    927.39890207    0.92739890     25.19178951
  A-2    0.00000000   28.43321665    932.40341017    0.93240341     28.43321665
  X-A    0.00000000    0.00000000      0.00000000    0.00000000      0.00000000
  X-B    0.00000000    0.00000000      0.00000000    0.00000000      0.00000000
  B-1    0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
  B-2    0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
  B-3    0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
  B-4    0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
  B-5    0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
  B-6    0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
  A-R    0.00000000    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
                            Current      Certificate/       Current       Unpaid      Current
          Original Face   Certificate      Notional         Accrued      Interest     Interest
 Class       Amount          Rate           Balance        Interest      Shortfall   Shortfall
------   --------------   -----------   --------------   ------------   ----------   ---------
<S>      <C>              <C>           <C>              <C>            <C>          <C>
  A-1    365,049,000.00     2.76000%    347,742,279.37     799,807.24      0.00         0.00
  A-2    418,050,000.00     2.35000%    401,667,751.84     786,618.93      0.00         0.00
  X-A              0.00     0.64014%    749,420,031.21     399,799.51      0.00         0.00
  X-B              0.00     0.16698%     24,600,000.00       3,423.20      0.00         0.00
  B-1     16,400,000.00     2.93000%     16,400,000.00      40,043.33      0.00         0.00
  B-2      8,200,000.00     3.31000%      8,200,000.00      22,618.33      0.00         0.00
  B-3      4,100,000.00     3.18048%      4,100,000.00      10,866.63      0.00         0.00
  B-4      2,460,000.00     3.18048%      2,460,000.00       6,519.98      0.00         0.00
  B-5      2,050,000.00     3.18048%      2,050,000.00       5,433.32      0.00         0.00
  B-6      3,690,645.34     3.18048%      3,690,645.34       9,781.68      0.00         0.00
  A-R            100.00     2.99135%              0.00           0.00      0.00         0.00
         --------------                                  ------------      ----         ----
Totals   819,999,745.34                                  2,084,892.15      0.00         0.00
         ==============                                  ============      ====         ====
</TABLE>

<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        799,807.24       0.00     338,546,041.80
  A-2       0.00       0.00        786,618.93       0.00     389,791,245.62
  X-A       0.00       0.00        399,821.67       0.00     728,337,287.42
  X-B       0.00       0.00          2,542.82       0.00      24,600,000.00
  B-1       0.00       0.00         40,043.33       0.00      16,400,000.00
  B-2       0.00       0.00         22,618.33       0.00       8,200,000.00
  B-3       0.00       0.00         10,866.63       0.00       4,100,000.00
  B-4       0.00       0.00          6,519.98       0.00       2,460,000.00
  B-5       0.00       0.00          5,433.32       0.00       2,050,000.00
  B-6       0.00       0.00          9,781.68       0.00       3,690,645.34
  A-R       0.00       0.00              0.00       0.00               0.00
            ----       ----      ------------       ----
Totals      0.00       0.00      2,084,053.93       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    365,049,000.00     2.76000%      952.59069158        2.19095858     0.00000000   0.00000000
  A-2    418,050,000.00     2.35000%      960.83662681        1.88163839     0.00000000   0.00000000
  X-A              0.00     0.64014%      956.99270617        0.51050954     0.00000000   0.00000000
  X-B              0.00     0.16698%     1000.00000000        0.13915447     0.00000000   0.00000000
  B-1     16,400,000.00     2.93000%     1000.00000000        2.44166646     0.00000000   0.00000000
  B-2      8,200,000.00     3.31000%     1000.00000000        2.75833293     0.00000000   0.00000000
  B-3      4,100,000.00     3.18048%     1000.00000000        2.65039756     0.00000000   0.00000000
  B-4      2,460,000.00     3.18048%     1000.00000000        2.65039837     0.00000000   0.00000000
  B-5      2,050,000.00     3.18048%     1000.00000000        2.65040000     0.00000000   0.00000000
  B-6      3,690,645.34     3.18048%     1000.00000000        2.65039826     0.00000000   0.00000000
  A-R            100.00     2.99135%        0.00000000        0.00000000     0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>
         Non-Supported                                  Remaining
            Interest                                     Unpaid
 Class     Shortfall      Realized    Total Interest    Interest    Ending Certificate/
  (5)                     Loss (6)     Distribution     Shortfall   Notational Balance
------   -------------   ----------   --------------   ----------   -------------------
<S>      <C>             <C>          <C>              <C>          <C>
  A-1      0.00000000    0.00000000     2.19095858     0.00000000       927.39890207
  A-2      0.00000000    0.00000000     1.88163839     0.00000000       932.40341017
  X-A      0.00000000    0.00000000     0.51056338     0.00000000       930.07051142
  X-B      0.00000000    0.00000000     0.10336667     0.00000000      1000.00000000
  B-1      0.00000000    0.00000000     2.44166646     0.00000000      1000.00000000
  B-2      0.00000000    0.00000000     2.75833293     0.00000000      1000.00000000
  B-3      0.00000000    0.00000000     2.65039756     0.00000000      1000.00000000
  B-4      0.00000000    0.00000000     2.65039837     0.00000000      1000.00000000
  B-5      0.00000000    0.00000000     2.65040000     0.00000000      1000.00000000
  B-6      0.00000000    0.00000000     2.65039826     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                          23,446,849.47
   Liquidations, Insurance Proceeds, Reserve Funds                      0.00
   Proceeds from Repurchased Loans                                      0.00
   Other Amounts (Servicer Advances)                               35,444.16
   Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
   Prepayment Penalties                                                 0.00
                                                               -------------
Total Deposits                                                 23,482,293.63

Withdrawals
   Reimbursement for Servicer Advances                             63,991.17
   Payment of Service Fee                                         251,504.74
   Payment of Interest and Principal                           23,166,797.72
                                                               -------------
Total Withdrawals (Pool Distribution Amount)                   23,482,293.63

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                                                   246,590.24
Master Servicing Fee                                                    4,914.50
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------
Net Servicing Fee                                                     251,504.74
                                                                      ==========
</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       21.08        21.08    4,500.00
Class X-A Pool 2 Comp Sub Account   4,500.00       21.08        21.08    4,500.00
Class X-B Sub Account               1,000.00      889.75       889.75    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        29     11,371,440.05   30 Days        0        0.00     30 Days        0         0.00
60 Days         4        939,699.98   60 Days        0        0.00     60 Days        0         0.00
90 Days         3        364,799.60   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
               --     -------------                 --        ----                   --         ----
               36     12,675,939.63                  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        29    11,371,440.05
60 Days         0        0.00     60 Days         4       939,699.98
90 Days         0        0.00     90 Days         3       364,799.60
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                    36    12,675,939.63
               ==        ====                    ==    =============
</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     1.320583%   1.485990%  30 Days     0.000000%   0.000000%  30 Days     0.000000%   0.000000%
60 Days     0.182149%   0.122798%  60 Days     0.000000%   0.000000%  60 Days     0.000000%   0.000000%
90 Days     0.136612%   0.047671%  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%
            --------    --------               --------    --------               --------    --------
            1.639344%   1.656459%              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     1.320583%   1.485990%
60 Days     0.000000%   0.000000%  60 Days     0.182149%   0.122798%
90 Days     0.000000%   0.000000%  90 Days     0.136612%   0.047671%
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%              1.639344%   1.656459%
            ========    ========               ========    ========
</TABLE>

<TABLE>
<S>                                         <C>                                                 <C>                     <C>
Current Period Class A Insufficient Funds:  0.00  Principal Balance of Contaminated Properties  0.00  Periodic Advance  35,444.16
</TABLE>

<TABLE>
<CAPTION>
              Original $    Original %     Current $      Current %   Current Class %   Prepayment %
            -------------   ----------   -------------   ----------   ---------------   ------------
<S>         <C>             <C>          <C>             <C>          <C>               <C>
Class A     36,900,645.34   4.50008061%  36,900,645.34   4.82211398%     95.177886%       0.000000%
Class B-1   20,500,645.34   2.50007976%  20,500,645.34   2.67898969%      2.143124%      44.443667%
Class B-2   12,300,645.34   1.50007934%  12,300,645.34   1.60742755%      1.071562%      22.221834%
Class B-3    8,200,645.34   1.00007912%   8,200,645.34   1.07164648%      0.535781%      11.110917%
Class B-4    5,740,645.34   0.70007900%   5,740,645.34   0.75017783%      0.321469%       6.666550%
Class B-5    3,690,645.34   0.45007889%   3,690,645.34   0.48228730%      0.267891%       5.555458%
Class B-6            0.00   0.00000000%           0.00   0.00000000%      0.482287%      10.001574%
</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     19     9,236,869.54     30 Days      0        0.00       30 Days      0        0.00
  60 Days      2       562,999.98     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
              --     ------------                 --        ----                   --        ----
              21     9,799,869.52                  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     19     9,236,869.54
  60 Days      0        0.00       60 Days      2       562,999.98
  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                   21     9,799,869.52
              ==        ====                   ==    =============
</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   1.903808%  2.596455%     30 Days   0.000000%  0.000000%     30 Days   0.000000%  0.000000%
  60 Days   0.200401%  0.158258%     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%
            --------   --------                --------   --------                --------   --------
            2.104208%  2.754713%               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   1.903808%  2.596455%
  60 Days   0.000000%  0.000000%     60 Days   0.200401%  0.158258%
  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%               2.104208%  2.754713%
            ========   ========                ========   ========
</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     10     2,134,570.51        30 Days      0        0.00       30 Days      0        0.00
  60 Days      2       376,700.00        60 Days      0        0.00       60 Days      0        0.00
  90 Days      3       364,799.60        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     2,876,070.11                     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     10     2,134,570.51
  60 Days      0        0.00       60 Days      2       376,700.00
  90 Days      0        0.00       90 Days      3       364,799.60
 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     2,876,070.11
              ==        ====                   ==     ============
</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   0.834725%  0.521270%     30 Days   0.000000%  0.000000%     30 Days   0.000000%  0.000000%
  60 Days   0.166945%  0.091992%     60 Days   0.000000%  0.000000%     60 Days   0.000000%  0.000000%
  90 Days   0.250417%  0.089085%     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%
            --------   --------                --------   --------                --------   --------
            1.252087%  0.702347%               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   0.834725%  0.521270%
  60 Days   0.000000%  0.000000%     60 Days   0.166945%  0.091992%
  90 Days   0.000000%  0.000000%     90 Days   0.250417%  0.089085%
 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%               1.252087%  0.702347%
            ========   ========                ========   ========
</TABLE>
<PAGE>
                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                Mixed Arm
------------------------------------------------   --------------
<S>                                                <C>
Weighted Average Gross Coupon                            3.564214%
Weighted Average Net Coupon                              3.187894%
Weighted Average Pass-Through Rate                       3.180394%
Weighted Average Maturity (Stepdown Calculation)              337

Beginning Scheduled Collateral Loan Count                   2,233
Number of Loans Paid in Full                                   37
Ending Scheduled Collateral Loan Count                      2,196

Beginning Scheduled Collateral Balance             786,320,676.55
Ending Scheduled Collateral Balance                765,237,932.76
Ending Actual Collateral Balance at 31-Dec-2004    765,243,376.48

Monthly P&I Constant                                 2,335,653,03
Special Servicing Fee                                        0.00
Prepayment Penalties                                         0.00
Realization Loss Amount                                      0.00
Cumulative Realized Loss                                     0.00

Class A Optimal Amount                              23,068,064.40

Scheduled Principal                                        140.62
Unscheduled Principal                               21,082,603.17
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                       <C>
Rapid Prepay Condition?   NO
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
             GROUP                    POOL 1             POOL 2             TOTAL
-------------------------------   --------------   -----------------   --------------
<S>                               <C>              <C>                 <C>
Collateral Description                 Mixed ARM   1 Month LIBOR ARM        Mixed ARM
Weighted Average Coupon Rate            3.587192            3.544313         3.564214
Weighted Average Net Rate               3.210321            3.168470         3.187894
Pass-Through Rate                       3.202821            3.160970         3.180394
Weighted Average Maturity                    335                 339              337
Record Date                           12/31/2004          12/31/2004       12/31/2004
Principal and Interest Constant     1,090,936.49        1,244,716.54     2,335,653.03
Beginning Loan Count                       1,015               1,218            2,233
Loans Paid in Full                            17                  20               37
Ending Loan Count                            998               1,198            2,196
Beginning Scheduled Balance       364,943,880.28      421,376,796.27   786,320,676.55
Ending Scheduled Balance          355,747,642.71      409,490,290.05   765,237,932.76
Scheduled Principal                         0.00              140.62           140.62
Unscheduled Principal               9,196,237.57       11,886,365.60    21,082,603.17
Scheduled Interest                  1,090,936.49        1,244,575.92     2,335,512.41
Servicing Fee                         114,613.96          131,976.28       246,590.24
Master Servicing Fee                    2,280.90            2,633.60         4,914.50
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                          974,041.63        1,109,966.04     2,084,007.67
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 Pool One
One-Month LIBOR Loan Balance     195,889,560.94
Six-Month LIBOR Loan Balance     159,858,081.77
Principal Transfer Amount                  0.00
Interest Transfer Amount                   0.00
Pro Rata Senior Percent              95.286508%
Senior Percent                      100.000000%
Senior Prepayment Percent           100.000000%
Subordinate Percent                   0.000000%
Subordinate Prepayment Percent        0.000000%

Group Pool Two

Principal Transfer Amount                  0.00
Interest Transfer Amount                   0.00
Pro Rata Senior Percent              95.325076%
Senior Percent                      100.000000%
Senior Prepayment Percent           100.000000%
Subordinate Percent                   0.000000%
Subordinate Prepayment Percent        0.000000%
</TABLE>