PricewaterhouseCoopers

PricewaterhouseCoopers LLP
222 Lakeview Avenue, Suite 360
West Palm Beach, Florida  33401
Telephone 561-832-0038
Facsimile 561-805-8181

INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOVNTANT'S REPORT

To the Board of Directors of
Oewen Federal Bank FSB

We have examined management's assertion, included in the accompanying
Management Assertion on Compliance with USAP, that, except for the
noncompliance related to reconciliations described in the third paragraph
and the noncompliance related to adjustable rate mortgages described in
the fifth paragraph, Ocwen Federal Bank FSB (the "Bank") complied with the
minimum servicing standards identified in the Mortgage Bankers Association
of America's ("MBA'S") Uniform Single Attestation Program for Mortgage
Bankers ("USAP") as of and for the year ended December 31, 2004. Management
is responsible for the Bank's compliance with those minimum servicing
standards. Our responsibility is to express an opinion on management's
assertion about the Bank's compliance based on our examination.

Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about the Bank's compliance
with the minimum servicing standards and performing such other procedures
as we consider necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion.  Our examination
does not provide a legal determination on the Bank's compliance with the
minimum servicing standards.

Our examination disclosed noncompliance with minimum servicing standards related
to account reconciliations and adjustable rate mortgages applicable to the Bank
during the year ended December 31, 2004. Such noncompliance is described in the
accompanying Management Assertion on Compliance with USAP.

In our opinion, management's assertion that the Bank complied with the
aforementioned minimum servicing standards, except for noncompliance as
described in the accompanying Management Assertion on Comnpliance with USAP, as
of and for the year ended December 31, 2004 Is fairly stated, in all material
respects.

/s/ PricewaterhouseCoopers LLP

March 29, 2005


OCWEN

MANAGEMENT ASSERTION ON COMPLIANCE WITH USAP

March 11, 2005


As of and for the year ended December 31, 2004, except as specifically noted
below, Ocwen Federal Bank FSB (the "Bank") has complied in all material
respects with the minimum servicing standards set forth in the Mortgage
Bankers Association of ("MBA'S") Uniform Single Attestation Program for
Mortgage Bankers ("USAP").

Standard: Reconciliations shall be prepared on a monthly basis for all
custodial bank accounts and related bank clearing accounts.  These
reconciliations shall be mathematically accurate, be prepared within
forty-five (45) calendar days of the cutoff date;  be reviewed and approved
by someone other than the person who prepared the reconciliation; and document
explanations for reconciling items.  These reconciling items shall be resolved
within ninety (90) calendar days of their original identification.

Certain reconciling items which arose during the year ended December 31, 2004
were not cleared within 90 days of their original identification.  Management
has developed and implemented an action plan and continues to resolve
outstanding reconciling items.  All significant reconciling items have been
isolated and reviewed by the Bank, and the Bank believes these items will not
have a material impact on the status of any custodial accounts.

Standard: Adjustments on ARM loans shall be computed based on the related
mortgage note and any ARM rider.

Certain ARM loans serviced by the Bank have odd due dates (i.e., due dates
other than the first day of the month.) The mortgage notes or ARM riders for
some of the odd due date loans establish a look-back date fix the applicable
index at a certain number of days prior to each Change Date for example, 45
days prior to the effective Change Date. The Bank determines the look-back
date by using a 30-day month when subtracting the actual number of look-back
days stated in the Mortgage Note or ARM rider from the effective Change Date.
Some months that have more or less than 30 days may therefore have a
miscalculated look-back date; resulting in the index rate being used on an
incorrect date, but generally no more than a two-business day difference;
This has resulted in some minor differences in the calculated monthly payment
amount, which could be either higher or lower, depending on the movement in
interest rates.

Management has implemented a corrective action plan to revise the internal
procedures for processing these types of ARM adjustments, which includes
adjusting the borrower accounts where necessary. The Bank believes that these
differences did not have a material impact on any mortgagor or investor.

As of and for this same period, the Bank had in effect a fidelity bond in
the amount of $15,000,000 and an errors and omissions policy in the amount
of $5,000,000.


/s/Ronald M. Faris
Ronald M. Faris
President

/s/Scott W. Anderson
Scott W. Anderson
Senior Vice President of Residential Assets

/s/Paul E. Neff
Paul E. Neff
Director of Servicing Operations