UNITED STATES
                             SECURITIES AND EXCHANGE COMMISSION
                                   WASHINGTON, D.C. 20549



                                          FORM 10-K


  (Mark one)

  /X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934
      For the fiscal year ended December 31, 2004

      OR



  / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934


      Commission File Number:  333-111811-02


        People's Choice Home Loan Securities Trust
        Mortgage Pass-Through Certificates
        Series 2004-2

     (Exact name of registrant as specified in its charter)


   New York                                         54-6636574
  (State or other jurisdiction of                   54-6636575
  incorporation or organization)                    (I.R.S. Employer
                                                    Identification No.)


   c/o Wells Fargo Bank, N.A.
   9062 Old Annapolis Road
   Columbia, MD                                21045
  (Address of principal executive offices)     (Zip Code)


  Registrant's telephone number, including area code: (410) 884-2000


  Securities registered pursuant to Section 12(b) of the Act:

        NONE.


  Securities registered pursuant to Section 12(g) of the Act:

        NONE.


  Indicate by check mark whether the registrant (1) has filed all reports
  required to be filed by Section 13 or 15(d) of the Securities Exchange
  Act of 1934 during the preceding 12 months (or for such shorter period
  that the registrant was required to file such reports), and (2) has been
  subject to such filing requirements for the past 90 days.

        Yes  X       No ___


  Indicate by check mark if disclosure of delinquent filers pursuant to
  Item 405 of Regulation S-K ( 229.405 of this chapter) is not contained
  herein, and will not be contained, to the best of registrant's knowledge,
  in definitive proxy or information statements incorporated by reference
  in Part III of this Form 10-K or any amendment to this Form 10-K.

        Not applicable.


  Indicate by check mark whether the registrant is an accelerated filer
  (as defined in Exchange Act Rule 12b-2).

        Yes  ___     No  X


  State the aggregate market value of the voting and non-voting common
  equity held by non-affiliates computed by reference to the price at which
  the common equity was last sold, or the average bid and asked price of
  such common equity, as of the last business day of the registrant's most
  recently completed second fiscal quarter.

        Not applicable.


  Indicate the number of shares outstanding of each of the registrant's
  classes of common stock, as of the latest practicable date.

        Not applicable.


     Documents Incorporated by Reference

  List hereunder the following documents if incorporated by reference and
  the Part of the Form 10-K (e.g. Part I, Part II, etc.) into which the
  document is incorporated: (1)Any annual report to security holders; (2)
  Any proxy or information statement; and (3)Any prospectus filed pursuant
  to Rule 424(b) or (c) under the Securities Act of 1933. The listed
  documents should be clearly described for identification purposes (e.g.
  annual report to security holders for fiscal year ended December 24, 1980).

        Not applicable.


                                   PART I

  Item 1.  Business.

            Omitted.

  Item 2.  Properties.

            See Item 15(a), Exhibits 99.1, 99.2, and 99.3, for information
            provided in lieu of information required by Item 102 of
            Regulation S-K.


  Item 3.  Legal Proceedings.

            The registrant knows of no material pending legal proceedings
            involving the trust created under the Pooling and Servicing
            Agreement (the Trust), the Trustee, the Servicer or the
            registrant with respect to the Trust other than routine
            litigation incidental to the duties of the respective parties.


  Item 4.  Submission of Matters to a Vote of Security Holders.

            None.


                                PART II

  Item 5.  Market for registrant's Common Equity and Related Stockholder
           Matters and Issuer Purchases of Equity Securities.

            No established public trading market for the Certificates exists.

            Records provided to the Trust by the DTC and the Trustee
            indicate that as of December 31, 2004, the total number of holders
            of record for the Series of Certificates is 26.


  Item 6.  Selected Financial Data.

            Omitted.


  Item 7.  Management's Discussion and Analysis of Financial Condition and
           Results of Operation.

            Omitted.


  Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

            Not applicable.


  Item 8.  Financial Statements and Supplementary Data.

            See Item 15(a), Exhibits 99.1, 99.2, 99.3, for information
            provided in lieu of information required by Item 302 of
            Regulation S-K.


  Item 9.  Changes in and Disagreements with Accountants on Accounting and
           Financial Disclosure.

            None.


  Item 9A. Controls and Procedures.

            Not applicable.


  Item 9B. Other Information.

            None.


                                PART III

  Item 10. Directors and Executive Officers of the Registrant.

            Not applicable.


  Item 11. Executive Compensation.

            Not applicable.


  Item 12. Security Ownership of Certain Beneficial Owners and Management.

            Not applicable.

  Item 13. Certain Relationships and Related Transactions.

            Not applicable.


  Item 14. Principal Accounting Fees and Services.

            Not applicable.


                                PART IV

  Item 15. Exhibits, Financial Statement Schedules.

   (a) Exhibits

     (31.1) Rule 13a-14(a)/15d-14(a) Certification

     (99.1) Annual Independent Accountants' Servicing Reports concerning
            servicing activities.

      <TABLE>

      
         <c>
      a) People's Choice Home Loans, as Servicer <F1>

      </TABLE>

     (99.2) Report of Management as to Compliance with Minimum Servicing
            Standards.

      <TABLE>

      
        <c>
      a) People's Choice Home Loans, as Servicer <F1>

      </TABLE>

     (99.3) Annual Statements of Compliance under the Pooling and Servicing
            Agreements.

      <TABLE>

      
         <c>
      a) People's Choice Home Loans, as Servicer <F1>

      </TABLE>


     (99.4) Aggregate Statement of Principal and Interest Distributions to
            Certificate Holders.


     (99.5) Delinquency information reported under the Pooling and Servicing
            Agreement.

           The October and November 2004 distribution reports relied on the MBA
           methodology for identifying delinquent loans. It was subsequently
           determined that the OTS method is required under the terms of the
           governing documents. The December, 2004 distribution report reflected
           this methodology change.


   (b) Not applicable.

   (c) Omitted.


  <F1> Filed herewith.


                                SIGNATURES

  Pursuant to the requirements of Section 13 or 15(d) of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be
  signed on its behalf by the undersigned, thereunto duly authorized:



    People's Choice Home Loan Securities Trust
    Mortgage Pass-Through Certificates
    Series 2004-2
    (Registrant)


  Signed: Wells Fargo Bank, N.A. as Master Servicer

  By:     Diane TenHoopen, Vice President

  By: /s/ Diane TenHoopen, Vice President

  Dated:  March 31, 2005


  SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
  SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
  SECURITIES PURSUANT TO SECTION 12 OF THE ACT.


  (a)(i) No annual report is provided to the Certificateholders other than
  with respect to aggregate principal and interest distributions.


  (a)(ii) No proxy statement, form of proxy or other proxy soliciting
  material has been sent to any Certificateholder with respect to any
  annual or other meeting of Certificateholders.



  Exhibit Index

  Exhibit No.

  Ex-31.1 Rule 13a-14(a)/15d-14(a) Certification

  I, Diane TenHoopen, certify that:

  1. I have reviewed this annual report on Form 10-K, and all reports on
     Form 8-K containing distribution or servicing reports filed in
     respect of periods included in the year covered by this annual report
     of People's Choice Home Loan Securities Trust Mortgage Pass-Through
     Certificates, Series 2004-2 Trust;

  2. Based on my knowledge, the information in these reports, taken as a
     whole, does not contain any untrue statement of a material fact or
     omit to state a material fact necessary to make the statements made,
     in light of the circumstances under which such statements were made,
     not misleading as of the last day of the period covered by this
     annual report;

  3. Based on my knowledge, the distribution or servicing information
     required to be provided to the Trustee by the Servicer under the
     Pooling and Servicing or similar, agreement, for inclusion in these
     reports is included in these reports;

  4. I am responsible for reviewing the activities performed by the master
     servicer under the pooling and servicing, or similar, agreement, and
     based on upon my knowledge and the annual compliance review required
     under that agreement, and except as disclosed in the reports, the
     master servicer has fulfilled its obligations under that agreement;
     and

  5. The reports disclose all significant deficiencies relating to the
     servicer's compliance with the minimum servicing standards based upon
     the report provided by an independent public accountant, after
     conducting a review in compliance with the Uniform Single Attestation
     Program for Mortgage Bankers or similar procedure, as set forth in
     the pooling and servicing, or similar, agreement, that is included in
     these reports.

     In giving the certifications above, I have reasonably relied on
     information provided to me by the following unaffiliated parties:
     People's Choice Home Loans as Servicer.

     Date:  March 31, 2005

     /s/ Diane TenHoopen
     Signature

     Vice President
     Title




  EX-99.1
Grant Thornton (logo)

Accountants and Business Advisors


REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS ON MANAGEMENT'S
ASSERTION ON COMPLIANCE WITH CERTAIN OF THE MINIMUM SERVICING STANDARDS
SET FORTH IN THE UNIFORM SINGLE ATTESTATION PROGRAM
FOR MORTGAGE BANKERS



Board of Directors
People's Choice Financial Corporation


We have examined management's assertion about People's Choice Financial
Corporation and its subsidiaries' ("the Company") compliance with certain
of the minimum servicing standards identified in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage
Bankers ("USAP") as of and for the year ended December 31, 2004, included
in the accompanying management assertion. Management is responsible for the
Company's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with certain of the minimum servicing standards and
performing such other procedures as we considered 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 Company's compliance with the minimum servicing standards.

In our opinion, management's assertion that People's Choice Financial
Corporation and its subsidiaries complied with the aforementioned minimum
servicing standards as of and for the year ended December 31, 2004, is
fairly stated, in all material aspects.

/s/ Grant Thornton LLP

March 15, 2005
Irvine, California



Suite 700
18400 Von Karman Avenue
Irvine, CA 92612-0513
T 949.553.1600
F 949.553.0168
W www.grantthornton.com


Grant Thornton LLP
US Member of Grant Thornton International






  EX-99.2
(logo) People's Choice
Home Loan Inc.
The Flexible Lending Solution


March 14, 2005


Grant Thornton
Suite 700
18400 Von Karman Avenue
Irvine, California 92612

Re: People's Choice Home Loan, Inc.


MANAGEMENT'S ASSERTION

As of and for the year ending December 31, 2004, People's Choice Home Loan, Inc.
(the "Company") complied in all material respects with the minimum servicing
standards set forth in the Mortgagers Association of America's Uniform Single
Attestation Program for Mortgage Bankers. As of and for this same period, the
Company had in effect a fidelity bond and errors and omissions policy in the
amounts of $5 million and $5 million, respectively.


People's Choice Home Loan, Inc.


/s/ Martin Bonanno
Martin Bonanno
Vice President
Loan Service Operations

3/14/05
Date


7515 Irvine Center Drive  Irvine, California 92618
Toll Free: 866-858-7877   Fax: 949-453-1309







  EX-99.3
(logo) People's Choice
Home Loan, Inc.
The Flexible Lending Solution




Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
Attention: Servicer Oversight Group

OFFICER'S CERTIFICATE

Dear Master Servicer:

The undersigned Officer certifies the following for the 2004 fiscal year:


(i) A review of the activities of the Servicer during the preceding fiscal
    year and of the Servicer's performance of the Servicer under the terms of
    the Servicing Agreement with respect to such Loans has been made under
    the supervision of the officer who signed such Officer's Certificate;

(ii) To the best of such officer's knowledge, based on such review, the
     Servicer has fulfilled all its obligations under this Agreement
     throughout such year, or if there has been a default in the fulfillment
     of any such obligation, such Officer's Certificate shall specify each
     such default known to such signer and the nature and status thereof and
     what action the Servicer proposes to take with respect thereto.



Certified By:

   /s/ Martin Bonanno
   Martin Bonanno

   Vice President
   Title

   March 15, 2005
   Date




7515 Irvine Center Drive Irvine, California 92692
Corporate Headquarters -- 1-888-624-9492







  Ex-99.4

   Schedule of Year-To-Date Principal and Interest Distributions to
   Certificateholders


   <TABLE>

   Class                              Interest             Principal               Losses             Ending Balance
   
                       <c>                    <c>                  <c>                 <c>
   A-1                            1,467,667.31         13,078,527.37                 0.00             186,150,472.63
   A-2                              185,096.08                  0.00                 0.00              22,137,000.00
   A-3                            1,123,257.46          8,441,280.06                 0.00             142,605,719.94
   A-4                              140,329.19                  0.00                 0.00              16,783,000.00
   A-5                            1,580,646.32         15,320,629.13                 0.00             193,273,370.87
   B                                188,450.00                  0.00                 0.00              11,307,000.00
   C                             11,713,880.01                  0.00                 0.00              11,307,517.69
   M-1                              379,593.44                  0.00                 0.00              44,853,000.00
   M-2                              130,663.15                  0.00                 0.00              15,077,000.00
   M-3                              272,466.10                  0.00                 0.00              26,384,000.00
   M-4                              103,697.50                  0.00                 0.00               9,423,000.00
   M-5                              118,067.58                  0.00                 0.00               9,423,000.00
   M-6                              111,557.99                  0.00                 0.00               8,669,000.00
   M-7                              123,566.93                  0.00                 0.00               8,292,000.00
   M-8                              188,466.68                  0.00                 0.00              11,308,000.00
   P                                485,843.23                  0.00                 0.00                     100.00
   R                                      0.00                  0.00                 0.00                       0.00
   </TABLE>