<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 2004-4
                         RECORD DATE: DECEMBER 31, 2004
                       DISTRIBUTION DATE: JANUARY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY
<TABLE>
<CAPTION>
                              Certificate                         Beginning
                                 Class        Certificate        Certificate        Interest        Principal        Current
   Class          CUSIP       Description     Pass-Through         Balance        Distribution     Distribution   Realized Loss
                                                  Rate
------------ ---------------- ------------- ----------------- ------------------ ---------------- --------------- ---------------
<S>          <C>              <C>           <C>               <C>                <C>              <C>             <C>
     A          81744FBF3         SEN               2.46125%     685,144,387.25     1,405,259.69   14,922,797.07            0.00
    X-1         81744FBG1         SEN               0.80000%               0.00       394,074.04            0.00            0.00
    X-2         81744FBH9         SEN               0.27257%               0.00       155,652.79            0.00            0.00
    X-B         81744FBJ5         SEN               0.36852%               0.00         7,057.63            0.00            0.00
    B-1         81744FBK2         SUB               2.91000%      14,612,000.00        35,434.10            0.00            0.00
    B-2         81744FBL0         SUB               3.31000%       8,350,000.00        23,032.08            0.00            0.00
    B-3         81744FBM8         SUB               3.42398%       4,175,000.00        11,912.59            0.00            0.00
    B-4         81744FBN6         SUB               3.42398%       2,509,000.00         7,158.97            0.00            0.00
    B-5         81744FBP1         SUB               3.42398%       2,088,000.00         5,957.72            0.00            0.00
    B-6         81744FBQ9         SUB               3.42398%       3,757,983.00        10,722.71            0.00            0.00
    A-R         81744FBR7         RES               2.77956%               0.00             0.00            0.00            0.00
------------ ---------------- ------------- ----------------- ------------------ ---------------- --------------- ---------------
Totals                                                           720,636,370.25     2,056,262.32   14,922,797.07            0.00
------------ ---------------- ------------- ----------------- ------------------ ---------------- --------------- ---------------
</TABLE>

(Table continues below, stub repeats)

<TABLE>
<CAPTION>
                  Ending             Total          Cumulative
   Class        Certificate       Distribution     Realized Loss
                  Balance
------------ ------------------ ----------------- ----------------
<S>          <C>                <C>               <C>
     A          670,221,590.18     16,328,056.76             0.00
    X-1                   0.00        394,074.04             0.00
    X-2                   0.00        155,652.79             0.00
    X-B                   0.00          7,057.63             0.00
    B-1          14,612,000.00         35,434.10             0.00
    B-2           8,350,000.00         23,032.08             0.00
    B-3           4,175,000.00         11,912.59             0.00
    B-4           2,509,000.00          7,158.97             0.00
    B-5           2,088,000.00          5,957.72             0.00
    B-6           3,757,983.00         10,722.71             0.00
    A-R                   0.00              0.00             0.00
------------ ------------------ ----------------- ----------------
Totals          705,713,573.18     16,979,059.39             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>
                                   Beginning        Scheduled      Unscheduled
              Original Face       Certificate       Principal       Principal                   Realized         Total
   Class          Amount            Balance       Distribution     Distribution    Accretion    Loss (1)       Principal
                                                                                                               Reduction
------------ ----------------- ------------------ -------------- ----------------- ----------- ------------ ----------------
<S>          <C>               <C>                <C>            <C>               <C>         <C>          <C>
     A         799,511,000.00     685,144,387.25         444.86     14,922,352.21        0.00         0.00    14,922,797.07
    X-1                  0.00               0.00           0.00              0.00        0.00         0.00             0.00
    X-2                  0.00               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             0.00
    B-1         14,612,000.00      14,612,000.00           0.00              0.00        0.00         0.00             0.00
    B-2          8,350,000.00       8,350,000.00           0.00              0.00        0.00         0.00             0.00
    B-3          4,175,000.00       4,175,000.00           0.00              0.00        0.00         0.00             0.00
    B-4          2,509,000.00       2,509,000.00           0.00              0.00        0.00         0.00             0.00
    B-5          2,088,000.00       2,088,000.00           0.00              0.00        0.00         0.00             0.00
    B-6          3,757,983.00       3,757,983.00           0.00              0.00        0.00         0.00             0.00
    A-R                100.00               0.00           0.00              0.00        0.00         0.00             0.00
------------ ----------------- ------------------ -------------- ----------------- ----------- ------------ ----------------
Totals         835,003,083.00     720,636,370.25         444.86     14,922,352.21        0.00         0.00    14,922,797.07
------------ ----------------- ------------------ -------------- ----------------- ----------- ------------ ----------------
</TABLE>

(Table continues below, stub repeats)

<TABLE>
<CAPTION>

                   Ending              Ending         Total Principal
   Class        Certificate         Certificate        Distribution
                  Balance            Percentage
------------ ------------------- ------------------- ------------------
<S>          <C>                 <C>                 <C>
     A           670,221,590.18          0.83828939      14,922,797.07
    X-1                    0.00          0.00000000               0.00
    X-2                    0.00          0.00000000               0.00
    X-B                    0.00          0.00000000               0.00
    B-1           14,612,000.00          1.00000000               0.00
    B-2            8,350,000.00          1.00000000               0.00
    B-3            4,175,000.00          1.00000000               0.00
    B-4            2,509,000.00          1.00000000               0.00
    B-5            2,088,000.00          1.00000000               0.00
    B-6            3,757,983.00          1.00000000               0.00
    A-R                    0.00          0.00000000               0.00
------------ ------------------- ------------------- ------------------
Totals           705,713,573.18          0.84516284      14,922,797.07
------------ ------------------- ------------------- ------------------
</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.

<PAGE>


                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT
<TABLE>
<CAPTION>
                                 Beginning       Scheduled      Unscheduled
              Original Face     Certificate      Principal       Principal                     Realized          Total
   Class         Amount           Balance       Distribution   Distribution     Accretion      Loss (3)        Principal
                                                                                                               Reduction
------------ ---------------- ----------------- ------------- ---------------- ------------- -------------- ----------------
<S>          <C>              <C>               <C>           <C>              <C>           <C>            <C>

     A        799,511,000.00      856.95429738    0.00055642      18.66434885    0.00000000     0.00000000      18.66490526
    X-1                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    X-2                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    X-B                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-1        14,612,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-2         8,350,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-3         4,175,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-4         2,509,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-5         2,088,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-6         3,757,983.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    A-R               100.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
------------ ---------------- ----------------- ------------- ---------------- ------------- -------------- ----------------
</TABLE>

(Table continues below, stub repeats)

<TABLE>
<CAPTION>

                   Ending              Ending         Total Principal
   Class        Certificate         Certificate        Distribution
                  Balance            Percentage
------------ ------------------- ------------------- -----------------
<S>          <C>                 <C>                 <C>
     A             838.28939212          0.83828939        18.66490526
    X-1              0.00000000          0.00000000         0.00000000
    X-2              0.00000000          0.00000000         0.00000000
    X-B              0.00000000          0.00000000         0.00000000
    B-1           1000.00000000          1.00000000         0.00000000
    B-2           1000.00000000          1.00000000         0.00000000
    B-3           1000.00000000          1.00000000         0.00000000
    B-4           1000.00000000          1.00000000         0.00000000
    B-5           1000.00000000          1.00000000         0.00000000
    B-6           1000.00000000          1.00000000         0.00000000
    A-R              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.


                         INTEREST DISTRIBUTION STATEMENT
<TABLE>
<CAPTION>

                                                   Beginning                     Payment of                 Non-Supported
                                                 Certificate/       Current        Unpaid       Current      Interest
             Original Face         Current         Notional         Accrued       Interest      Interest     Shortfall    Realized
  Class          Amount          Certificate        Balance        Interest      Shortfall     Shortfall                  Loss (4)
                                    Rate
---------- ------------------- ---------------- ---------------- -------------- ------------- ------------- ------------ -----------
<S>        <C>                 <C>              <C>              <C>            <C>           <C>           <C>          <C>
    A          799,511,000.00         2.46125%   685,144,387.25   1,405,259.69          0.00          0.00       (0.01)         0.00
   X-1                   0.00         0.80000%   591,070,494.30     394,047.00          0.00          0.00         0.00         0.00
   X-2                   0.00         0.27257%   685,144,387.25     155,625.75          0.00          0.00         0.00         0.00
   X-B                   0.00         0.36852%    22,962,000.00       7,051.62          0.00          0.00         0.00         0.00
   B-1          14,612,000.00         2.91000%    14,612,000.00      35,434.10          0.00          0.00         0.00         0.00
   B-2           8,350,000.00         3.31000%     8,350,000.00      23,032.08          0.00          0.00         0.00         0.00
   B-3           4,175,000.00         3.42398%     4,175,000.00      11,912.59          0.00          0.00         0.00         0.00
   B-4           2,509,000.00         3.42398%     2,509,000.00       7,158.97          0.00          0.00         0.00         0.00
   B-5           2,088,000.00         3.42398%     2,088,000.00       5,957.72          0.00          0.00         0.00         0.00
   B-6           3,757,983.00         3.42398%     3,757,983.00      10,722.71          0.00          0.00         0.00         0.00
   A-R                 100.00         2.77956%             0.00           0.00          0.00          0.00         0.00         0.00
---------- ------------------- ---------------- ---------------- -------------- ------------- ------------- ------------ -----------
 Totals        835,003,083.00                                     2,056,202.23          0.00          0.00       (0.01)         0.00
---------- ------------------- ---------------- ---------------- -------------- ------------- ------------- ------------ -----------
</TABLE>

(Table continues below, stub repeats)

<TABLE>
<CAPTION>
                               Remaining         Ending
                                 Unpaid       Certificate/
             Total Interest     Interest       Notational
  Class       Distribution     Shortfall         Balance

----------   ---------------- ------------- ------------------
<S>          <C>              <C>           <C>
    A           1,405,259.69          0.00     670,221,590.18
   X-1            394,074.04          0.00     568,976,882.65
   X-2            155,652.79          0.00     670,221,590.18
   X-B              7,057.63          0.00      22,962,000.00
   B-1             35,434.10          0.00      14,612,000.00
   B-2             23,032.08          0.00       8,350,000.00
   B-3             11,912.59          0.00       4,175,000.00
   B-4              7,158.97          0.00       2,509,000.00
   B-5              5,957.72          0.00       2,088,000.00
   B-6             10,722.71          0.00       3,757,983.00
   A-R                  0.00          0.00               0.00
----------   ---------------- ------------- ------------------
 Totals         2,056,262.32          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                 Non-Supported
                             Current        Beginning                           Unpaid        Current      Interest
Class (5)   Original Face    Certificate   Certificate/    Current Accrued     Interest      Interest     Shortfall      Realized
                Amount          Rate     Notional Balance      Interest        Shortfall     Shortfall                   Loss (6)
---------- ----------------- ----------- ----------------  ----------------- -------------- ------------ ------------  -------------
<S>        <C>               <C>         <C>               <C>               <C>            <C>          <C>           <C>
    A        799,511,000.00    2.46125%      856.95429738        1.75764898     0.00000000   0.00000000  (0.00000001)     0.00000000
   X-1                 0.00    0.80000%      739.29000889        0.49286001     0.00000000   0.00000000    0.00000000     0.00000000
   X-2                 0.00    0.27257%      856.96529738        0.19465117     0.00000000   0.00000000    0.00000000     0.00000000
   X-B                 0.00    0.36852%     1000.00000000        0.30709956     0.00000000   0.00000000    0.00000000     0.00000000
   B-1        14,612,000.00    2.91000%     1000.00000000        2.42500000     0.00000000   0.00000000    0.00000000     0.00000000
   B-2         8,350,000.00    3.31000%     1000.00000000        2.75833293     0.00000000   0.00000000    0.00000000     0.00000000
   B-3         4,175,000.00    3.42398%     1000.00000000        2.85331497     0.00000000   0.00000000    0.00000000     0.00000000
   B-4         2,509,000.00    3.42398%     1000.00000000        2.85331606     0.00000000   0.00000000    0.00000000     0.00000000
   B-5         2,088,000.00    3.42398%     1000.00000000        2.85331418     0.00000000   0.00000000    0.00000000     0.00000000
   B-6         3,757,983.00    3.42398%     1000.00000000        2.85331520     0.00000000   0.00000000    0.00000000     0.00000000
   A-R               100.00    2.77956%        0.00000000        0.00000000     0.00000000   0.00000000    0.00000000     0.00000000
---------- ----------------- ----------- ----------------  ----------------- -------------- ------------ ------------  -------------
</TABLE>

(Table continues below, stub repeats)

<TABLE>
<CAPTION>
                                Remaining
                                 Unpaid
Class (5)     Total Interest    Interest    Ending Certificate/
               Distribution     Shortfall   Notational Balance
----------   ----------------- ------------ -------------------
<S>          <C>               <C>          <C>
    A              1.75764898   0.00000000         838.28939212
   X-1             0.49289383   0.00000000         711,65610311
   X-2             0.19468499   0.00000000         838.28939212
   X-B             0.30736129   0.00000000        1000.00000000
   B-1             2.42500000   0.00000000        1000.00000000
   B-2             2.75833293   0.00000000        1000.00000000
   B-3             2.85331497   0.00000000        1000.00000000
   B-4             2.85331606   0.00000000        1000.00000000
   B-5             2.58331418   0.00000000        1000.00000000
   B-6             2.85331520   0.00000000        1000.00000000
   A-R             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>
<CAPTION>
<S>                                                                          <C>
Beginning Balance                                                                     0.00

Deposits
         Payments of Interest and Principal                                  17,226,665.24
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       14,338.68
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                       --------------------
Total Deposits                                                               17,241,003.92

Withdrawals
         Reimbursement for Servicer Advances                                     31,669.78
         Payment of Service Fee                                                 230,274.75
         Payment of Interest and Principal                                   16,979,059.39
                                                                       --------------------
Total Withdrawals (Pool Distribution Amount)                                 17,241,003.92

Ending Balance                                                                        0.00
                                                                       ====================
</TABLE>



<PAGE>




                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

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

                                                  Non-Supported Prepayment Curtailment Interest Shortfall                   (0.01)
                                                                                                                 ==================
</TABLE>


                                 SERVICING FEES

<TABLE>
<CAPTION>
<S>                                                                                                                    <C>
                                                 Gross Servicing Fee                                                    225,770.74
                                                 Master Servicing Fee                                                     4,504.01
                                                 Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                                                                 ------------------

                                                 Net Servicing Fee                                                      230,274.75
                                                                                                                 ==================
</TABLE>




                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                                 Beginning          Current          Current       Ending
                Account Type                      Balance         Withdrawals       Deposits       Balance
--------------------------------------------- ---------------- ------------------ -------------- ------------
<S>                                           <C>              <C>                <C>            <C>
           Class X-1 Sub Account                 4,500.00            27.04            27.04       4,500.00
           Class X-2 Sub Account                 4,500.00            27.04            27.04       4,500.00
           Class X-B Sub Account                 1,000.00            6.01             6.01        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          15       3,517,921.78  30 Days        0             0.00  30 Days         0             0.00
60 Days           3         869,873.67  60 Days        0             0.00  60 Days         0             0.00
90 Days           1         138,400.00  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         2         312,548.71  180+ Days      0             0.00  180+ Days       0             0.00
------------ ------------ ------------- ---------- ----------- ----------- ----------- ----------- -----------
                 21       4,838,744.16                 0             0.00                  0             0.00

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

0-29 Days     0.000000%    0.000000%    0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days       0.679656%    0.498490%    30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days       0.135931%    0.123261%    60 Days    0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days       0.045310%    0.019611%    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     0.090621%    0.044288%    180+ Days  0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
------------ ------------ ------------- ---------- ----------- ----------- ----------- ----------- -----------
              0.951518%    0.685651%               0.000000%   0.000000%               0.000000%   0.000000%

</TABLE>

(Table continues below)


<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         15      3,517,921.78
 60 Days          0             0.00  60 Days         3         869,873.67
 90 Days          0             0.00  90 Days         1         138,400.00
 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       2         312,548.71
 ----------- ------------ ----------- ----------- ----------- -------------
                  0             0.00                  21      4,838,744.16

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

 0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%    0.000000%
 30 Days      0.000000%   0.000000%   30 Days     0.679656%    0.498490%
 60 Days      0.000000%   0.000000%   60 Days     0.135931%    0.123261%
 90 Days      0.000000%   0.000000%   90 Days     0.045310%    0.019611%
 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   0.090621%    0.044288%
 ----------- ------------ ----------- ----------- ----------- -------------
              0.000000%   0.000000%               0.951518%    0.685651%
</TABLE>


<TABLE>
<CAPTION>
<S>                                        <C>    <C>                                          <C>    <C>                <C>
Current Period Class A Insufficient Funds:  0.00   Principal Balance of Contaminated Properties 0.00   Periodic Advance   14,338.68
</TABLE>

<TABLE>
<CAPTION>
                                 Original $                  Original%                   Current $                  Current %
----------------------- --- ---------------------- -- ------------------------- --- --------------------- --- ----------------------
<S>                            <C>                            <C>                     <C>                          <C>
Class A                         35,491,983.00                  4.25052119%             35,491,983.00                5.02923343%
Class X-1                       35,491,983.00                  4.25052119%             35,491,983.00                5.02923343%
Class X-2                       35,491,983.00                  4.25052119%             35,491,983.00                5.02923343%
Class B-1                       20,879,983.00                  2.50058753%             20,879,983.00                2.95870503%
Class B-2                       12,529,983.00                  1.50059123%             12,529,983.00                1.77550545%
Class B-3                        8,354,983.00                  1.00059307%              8,354,983.00                1.18390567%
Class B-4                        5,845,983.00                  0.70011514%              5,845,983.00                0.82837899%
Class B-5                        3,757,983.00                  0.45005618%              3,757,983.00                0.53250825%
Class B-6                                0.00                  0.00000000%                      0.00                0.00000000%
</TABLE>

(Table continues below, stub repeats)


<TABLE>
<CAPTION>

                                Current Class %           Prepayment %
-----------------------  --- ---------------------- -- --------------------
<S>                                <C>                      <C>
Class A                             94.970766%               0.000000%
Class X-1                            0.000000%               0.000000%
Class X-2                            0.000000%               0.000000%
Class B-1                            2.070528%              41.169861%
Class B-2                            1.183200%              23.526440%
Class B-3                            0.591600%              11.763220%
Class B-4                            0.355527%               7.069202%
Class B-5                            0.295871%               5.883019%
Class B-6                            0.532508%              10.588259%
</TABLE>

Please refer to the prospectus supplement for a full description of loss
exposure


<PAGE>




                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                                                   Mixed Arm

<S>                                                                                                <C>
Weighted Average Gross Coupon                                                                            3.807430%
Weighted Average Net Coupon                                                                              3.431477%
Weighted Average Pass-Through Rate                                                                       3.423977%
Weighted Average Maturity (Stepdown Calculation)                                                               334

Beginning Scheduled Collateral Loan Count                                                                    2,248
Number of Loans Paid in Full                                                                                    41
Ending Scheduled Collateral Loan Count                                                                       2,207

Beginning Scheduled Collateral Balance                                                              720,636,370.99
Ending Scheduled Collateral Balance                                                                 705,713,573.92
Ending Actual Collateral Balance at 31-Dec-2004                                                     705,715,641.72

Monthly P&I Constant                                                                                  2,286,921.78
Special Servicing Fee                                                                                         0.00
Prepayment Penalties                                                                                          0.00
Realization Loss Amount                                                                                       0.00
Cumulative Realized Loss                                                                                      0.00

Class A Optimal Amount                                                                               16,884,781.12

Ending Scheduled Balance for Premium Loans                                                          705,713,573.92

Scheduled Principal                                                                                         444.86
Unscheduled Principal                                                                                14,922,352.21
</TABLE>




<TABLE>
<CAPTION>
MISCELLANEOUS REPORTING

<S>                                                               <C>
One-Month Libor Loan Balance                                      98,533,684.05
Six-Month Libor Loan Balance                                     607,179,889.87
Prorata Senior Percentage                                            95.074911%
Senior Percentage                                                   100.000000%
Senior Prepayment Percentage                                        100.000000%
Subordinate Percentage                                                0.000000%
Subordinate Prepayment Percentage                                     0.000000%

</TABLE>