EXHIBIT 99.3 -- Report of Management

[FREMONT LOGO]

		Management's Assertion on Compliance
	with the Specified Minimum Servicing Standards Set Forth
	in the Unique Single Attestation Program for Mortgage Bankers

			Report of Management


We, as members of management of Fremont Investment & Loan
(the Company), are responsible for complying with the minimum
servicing standards identified in the attached Exhibit A (the "specified
minimum servicing standards") as set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for
Mortgage Bankers (USAP). We are also responsible for establishing
and maintaining effective internal control over compliance with these
specified minimum servicing standards. We have performed an evaluation
of the Company's compliance with the specified minimum servicing
standards as of December 31, 2004 and for the year then ended. Based
on this evaluation, we assert that during the year ended December 31,
2004, the Company complied, in all material respects, with the specified
minimum servicing standards.


As of December 31, 2004 and for the year then ended, the Company
had in effect a fidelity bond in the amount of $30,000,000 and an errors
and omissions policy in the amount of $10,000,000.


					/s/ Murray L. Zoota
					Murray L. Zoota
					President and
					Chief Executive Officer

					/s/ Kyle R. Walker
					Kyle R. Walker
					Executive Vice President
					Residential Real Estate

					/s/ Patrick E. "Ed" Lamb
					Patrick E. "Ed" Lamb
					Executive Vice President,
					Chief Financial officer

March 10,2005



			Exhibit A
		Specified Minimum Servicing Standards

I.	Custodial Bank Accounts

1. Reconciliations shall be prepared on a monthly basis for all
    custodial bank accounts and related bank clearing accounts.
    These reconciliations shall:

    a. be mathematically accurate;

    b. be prepared within forty-five (45) calendar days after the cutoff date.
        The cutoff date is the date as of which a bank account is reconciled
        every month. It may, or may not, coincide with a prescribed investor
        reporting date but shall be consistent from period to period;

    c. be reviewed and approved by someone other than the person who
        prepared the reconciliation; and

    d. document explanations for reconciling items. These reconciling
        items shall be resolved within ninety (90) calendar days of their
        original identification.

2. Funds of the servicing entity shall be advanced in cases where there
    is an overdraft in an investor's or a mortgagor's account.

3. Each custodial account shall be maintained at a federally insured
    depository institution in trust for the applicable investor.

4. Escrow funds held in trust for a mortgagor shall be returned to
    the mortgagor within thirty (30) calendar days of payoff of the
    mortgage loan.


II. 	Mortgage Payments


1. Mortgage payments shall be deposited into the custodial bank
    accounts and related bank clearing accounts within two (2)
    business days of receipt.

2. Mortgage payments made in accordance with the mortgagor's
    loan documents shall be posted to the applicable mortgagor
    records within two (2) business days of receipt.

3. Mortgage payments shall be allocated to principal, interest,
    insurance, taxes or other escrow items in accordance with
    the mortgagor's loan documents.

4. Mortgage payments identified as loan payoffs shall be
    allocated in accordance with the mortgagor's loan documents.


			Exhibit A

	Specified Minimum Servicing Standards (continued)

Ill. 	Disbursements

1. Disbursements made via wire transfer on behalf of a mortgagor or
    investor shall be made only by authorized personnel.

2. Disbursements made on behalf of a mortgagor or investor shall
    be posted within two (2) business days to the mortgagor's or
    investor's records maintained by the servicing entity.

3. Tax and insurance payments shall be made on or before the
    penalty or insurance policy expiration dates, as indicated on
    tax bills and insurance premium notices, respectively, provided
    that such support has been received by the servicing entity
    at least thirty (30) calendar days prior to these dates.

4. Any late payment penalties paid in conjunction with the payment
   of any tax bill or insurance premium notice shall be paid from the
   servicing entity's funds and not charged to the mortgagor, unless
   the late payment was due to the mortgagor's error or omission.

5. Amounts remitted to investors per the servicer's investor
    reports shall agree with cancelled checks, or other form
    of payment, or custodial bank statements.

6. Unissued checks shall be safeguarded so as to prevent
    unauthorized access.

IV. 	Investor Accounting and Reporting

1. The servicing entity's investor reports shall agree with,
    or reconcile to, investors' records on a monthly basis as
    to the total unpaid principal balance and number of loans
    serviced by the servicing entity.

V. 	Mortgagor Loan Accounting

1. The servicing entity's mortgage loan records shall agree with,
    or reconcile to, the records of mortgagors with respect to the
    unpaid principal balance on a monthly basis.

2. Adjustments on adjustable rate mortgage (ARM) loans shall
    be computed based on the related mortgage note and any
    ARM rider.

3. Escrow accounts shall be analyzed, in accordance with the
    mortgagor's loan documents, on at least an annual basis.

				Exhibit A

	Specified Minimum Servicing Standards (continued)

V. 	Mortgagor Loan Accounting (continued)

4. Interest on escrow accounts shall be paid, or credited, to
    mortgagors in accordance with the applicable state laws.


VI. 	Delinquencies

1. Records documenting collection efforts shall be maintained
    during the period a loan is in default and shall be undated
    at least monthly. Such records shall describe the entity's
    activities in monitoring delinquent loans including, for example,
    phone calls, letters and mortgage payment rescheduling plans
    in cases where the delinquency is deemed temporary
    (i.e., illness or unemployment).

VII. 	Insurance Policies

1. A fidelity bond and errors and omissions policy shall be in
   effect on the servicing entity throughout the reporting period
   in the amount of coverage represented to investors in
   management's assertion.