EXHIBIT 99.1
PriceWaterhouseCoopers [LOGO]
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                                                     PricewaterhouseCoopers LLP
                                                     1177 Avenue of the Americas
                                                     New York NY 10036
                                                     Telephone (646) 471 4000
                                                     Facsimile (813) 286 6000

                       REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors and
Shareholder of Equity One, Inc.

We  have  examined  management's  assertion  about  Equity  One,  Inc.  and  its
subsidiaries'  (the "Company")  compliance with 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
November 30, 2003 included in the accompanying management assertion (see Exhibit
I).  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 made 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 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 the  Company  complied  with the
aforementioned minimum servicing standards as of and for the year ended November
30, 2003 is fairly stated, in all material respects.


/s/ PricewaterhouseCoopers LLP
February 13, 2004






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                                                                       EXHIBIT I


[LOGO]
EQUITY ONE
a Popular, Inc. Company
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301 Lippincott Drive                                    Telephone (856) 396-3601
Marlton, NJ 08053                                             Fax (856) 396-2712


                  Management's Assertion Concerning Compliance
                      with USAP Minimum Servicing Standards


February 27, 2004


As of and for the year  ended  November  30,  2003,  Equity  One,  Inc.  and its
subsidiaries  (the  "Company"),  a  wholly-owned  subsidiary  of  Popular  North
America, Inc., have complied in all material respects with the minimum servicing
standards set forth in the Mortgage  Bankers  Association  of America's  Uniform
Single Attestation Program for Mortgage Bankers ("USAP").

As of and for this same  period,  the  Company had in effect  fidelity  bond and
errors and omissions  policies in the amounts of  $25,000,000  and  $35,000,000,
respectively.



/s/ James H. Jenkins
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James H. Jenkins
Executive Vice President, Chief Financial Officer



/s/ John N. Martella
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John N. Martella
Group Executive Vice President of Loan Servicing