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                                  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

For the transition period from ___________________ to __________________.

Commission file number   333-115371-01

                                POPULAR ABS, INC.
    -------------------------------------------------------------------------
    (AS DEPOSITOR UNDER A CERTAIN POOLING AND SERVICING AGREEMENT DATED AS OF
      AUGUST 31, 2004, PROVIDING FOR THE ISSUANCE OF MORTGAGE PASS-THROUGH
                          CERTIFICATES, SERIES 2004-4)
             (Exact name of registrant as specified in its charter)

                 DELAWARE                                 52-2029487
       -------------------------------              -------------------
       (State or other jurisdiction of               (I.R.S. Employer
        incorporation or organization)              Identification No.)

    103 SPRINGER BUILDING, 3411 SILVERSIDE ROAD,
                WILMINGTON, DELAWARE                         19803
    --------------------------------------------           ---------
      (Address of principal executive offices)            (Zip Code)

Registrant's telephone number, including area code:   (302) 478-6160
                                                      --------------

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 [ ]*

* THE CLOSING DATE FOR THE TRANSACTION WAS SEPTEMBER 29, 2004.

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (Sec. 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 Rule 12b-2 of the Act). 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

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This Annual Report on Form 10-K is filed by Popular ABS, Inc. (the "Reporting
Person") on behalf of Popular ABS, Inc. Mortgage Pass-Through Certificates,
Series 2004-4 Trust (the "Trust") established pursuant to that certain Pooling
and Servicing Agreement (the "Pooling and Servicing Agreement") dated as of
August 31, 2004 by and among the Reporting Person, as depositor, Equity One,
Inc., as servicer and a seller (the "Servicer"), JPMorgan Chase Bank, as trustee
(the "Trustee"), and the various other sellers signatory thereto, for the
issuance of the Popular ABS, Inc. Mortgage Pass-Through Certificates, Series
2004-4 (the "Certificates").

                                     PART I

ITEM 1.  BUSINESS

Omitted pursuant to First Union Residential Securitization Transactions, Inc.,
SEC No-Action Letter (April 1, 1997) (the "No-Action Letter").

ITEM 2.  PROPERTIES

Pursuant to the No-Action Letter, the following represents relevant information
regarding real estate owned by the Trust:

As of December 31, 2004, the Trust owned no real estate.

ITEM 3.  LEGAL PROCEEDINGS

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

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.

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                                     PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

(a)     No established public trading market for the Certificates exists.

(b)     As of December 31, 2004, the number of holders of record of the publicly
        offered Certificates was 71.

(c)     Omitted pursuant to the No-Action Letter.

ITEM 6.  SELECTED CONSOLIDATED FINANCIAL DATA

Omitted pursuant to the No-Action Letter.

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

Omitted pursuant to the No-Action Letter.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Not applicable.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Omitted pursuant to the No-Action Letter.

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.

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                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Omitted pursuant to the No-Action Letter.

ITEM 11. EXECUTIVE COMPENSATION

Omitted pursuant to the No-Action Letter.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCK HOLDER MATTERS

Item 201(d) of Regulation S-K

None.

Item 403 of Regulation S-K

(a)     Not applicable.

(b)     Not applicable.

(c)     Not applicable.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

(a)     Not applicable.

(b)     Not applicable.

(c)     None.

(d)     None.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.

Not applicable.

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                                     PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

(a)     Exhibits

        31.1    Certification pursuant to Securities Exchange Act Rules 13a-14
                and 15d-14 as adopted pursuant to Section 302 of the
                Sarbanes-Oxley Act of 2002.

        99.1    Annual Independent Accountants' Servicing Report concerning
                servicing activities under the Pooling and Servicing Agreement
                for the Servicer's fiscal year ended November 30, 2004, in
                accordance with the No-Action Letter.

        99.2    Annual Statement of Compliance under the Pooling and Servicing
                Agreement for the Servicer's fiscal year ended November 30,
                2004, in accordance with the No-Action Letter.

        99.3    Aggregate Statement of Principal and Interest Distributions to
                Certificateholders.

(b)     See Item 15(a) above.

(c)     Omitted pursuant to the No-Action Letter.

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                                   SIGNATURES

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

                                           POPULAR ABS, INC.,
                                           on behalf of the Trust


Date: March 10, 2005                       By: /s/ James H. Jenkins
                                               ---------------------------------
                                               James H. Jenkins,
                                               Executive  Vice President and CFO

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

(a)(2) 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.

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                                INDEX TO EXHIBITS

Exhibit
Number                                   Description
--------  ----------------------------------------------------------------------
31.1      Certification pursuant to Securities Exchange Act Rules 13a-14 and
          15d-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
          2002.

99.1      Annual Independent Accountants' Servicing Report concerning servicing
          activities under the Pooling and Servicing Agreement for the
          Servicer's fiscal year ended November 30, 2004, in accordance with the
          No-Action Letter.

99.2      Annual Statement of Compliance under the Pooling and Servicing
          Agreement for the Servicer's fiscal year ended November 30, 2004, in
          accordance with the No-Action Letter.

99.3      Aggregate Statement of Principal and Interest Distributions to
          Certificateholders.