Report of Independent Registered Public Accounting Firm

The Board of Directors
Bank of Hawaii

We have examined management's assertion, included in the accompanying
Report of Management, that Bank of Hawaii (the "Company") complied with the
minimum servicing standards set forth in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers ("USAP")
for the year ended December 31, 2004. Management is responsible for the
Company's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about Bank of Hawaii compliance
based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certitied Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements 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 cowpliance with
specified requirements.

In our opinion, management's assertion that the Company complied with the
aforementioned requirements for the year ended December 31, 2004 is fairly
stated, in all material respects.

/s/ Ernst & Young LLP

Honolulu, Hawaii
March 21, 2005

Bank of Hawaii
Report of Management

March 21, 2005

We, as members of management of Bank of Hawaii (the "Company"), are
responsible for complying with the 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 standards. We have performed an evaluation of the Company's compliance
with the minimum servicing standards as set forth in the USAP as of
December 31, 2004 and the year then ended. Based on this evaluation, we
assert that for the year ended December 31, 2004, the Company complied with
the following minimum servicing standards as set forth in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers:

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 mathemancally 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.

Report of Management page 2 of 3
March 21, 2005

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.

III. 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 canceled 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.


Report of Management	Page 3 of 3
March 21, 2005

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.

4. lnterest 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 updated 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 the throughout the reporting period in the amount of
coverage represented to investors in management's assertion.

Additionally, as of and for this same period, the Company had in effect a
fidelity bond and errors and omissions policy in the amounts of S5 million
and 1O million, respectively.


/s/ David W. Thomas
David W. Thomas
Vice Chairman

/s/John E. Gray, Jr.
John E. Gray, Jr.
Executive Vice President