<PAGE>

                                  EXHIBIT 10.1

CONTACT:   CUSTOMER SERVICES -- CTSLINK
           WELLS FARGO BANK MINNESOTA, N.A.
           SECURITIES ADMINISTRATION SERVICES
           7485 NEW HORIZON WAY
           FREDERICK, MD 21703
           www.ctslink.com
           TELEPHONE:  (301) 815-6600
           FAX:        (301) 315-6660

                                SMT SERIES 2005-2
                           RECORD DATE: JUNE 30, 2005
                        DISTRIBUTION DATE: JULY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                 Certificate Certificate    Beginning                                Current     Ending                   Cumulative
                    Class    Pass-Through  Certificate     Interest     Principal   Realized   Certificate     Total       Realized
 Class   CUSIP   Description     Rate        Balance     Distribution  Distribution   Loss       Balance    Distribution     Loss
------ --------- ----------- ------------ -------------- ------------ ------------- -------- -------------- ------------- ----------
<S>    <C>       <C>         <C>          <C>            <C>          <C>           <C>      <C>            <C>           <C>
  A-1  81744FGY7     SEN        3.48000%  189,921,066.65   550,771.09 10,219,345.89     0.00 179,701,720.76 10,770,116.98     0.00
  A-2  81744FGZ4     SEN        3.36000%  111,355,347.52   311,794.97  4,119,438.50     0.00 107,235,909.02  4,431,233.47     0.00
  A-R  81744FHJ9     REZ        3.91289%            0.00         0.36          0.00     0.00           0.00          0.36     0.00
  X-A  81744FHD2     IO         0.57389%            0.00   144,083.18          0.00     0.00           0.00    144,083.18     0.00
  B-1  81744FHA8     SUB        3.65000%    6,016,000.00    18,298.67          0.00     0.00   6,016,000.00     18,298.67     0.00
  B-2  81744FHB6     SUB        3.93000%    3,266,000.00    10,696.15          0.00     0.00   3,266,000.00     10,696.15     0.00
  X-B  81744FHE0     IO         0.26053%            0.00     2,015.21          0.00     0.00           0.00      2,015.21     0.00
  B-3  81744FHC4     SUB        4.00905%    1,890,000.00     6,314.26          0.00     0.00   1,890,000.00      6,314.26     0.00
  B-4  81744FHF7     SUB        4.00905%    1,231,000.00     4,112.62          0.00     0.00   1,231,000.00      4,112.62     0.00
  B-5  81744FHG5     SUB        4.00905%      687,000.00     2,295.18          0.00     0.00     687,000.00      2,295.18     0.00
  B-6  81744FHH3     SUB        4.00905%    1,549,605.55     5,177.04          0.00     0.00   1,549,605.55      5,177.04     0.00
                                          -------------- ------------ -------------     ---- -------------- -------------     ----
Totals                                    315,916,019.72 1,055,558.73 14,338,784.39     0.00 301,577,235.33 15,394,343.12     0.00
                                          -------------- ------------ -------------     ---- -------------- -------------     ----
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                     Scheduled
                         Beginning   Principal  Unscheduled                       Total         Ending       Ending        Total
       Original Face    Certificate  Distribu-   Principal   Accret- Realized   Principal    Certificate   Certificate   Principal
 Class     Amount         Balance      tion    Distribution    ion   Loss (1)   Reduction       Balance    Percentage  Distribution
------ -------------- -------------- --------- ------------- ------- -------- ------------- -------------- ----------- -------------
<S>    <C>            <C>            <C>       <C>           <C>     <C>      <C>           <C>            <C>         <C>
  A-1  202,462,000.00 202,462,000.00    2.07   10,219,343.82    0.00    0.00  10,219,345.89 179,701,720.76  0.88758246 10,219,345.89
  A-2  126,737,000.00 111,355,347.52  486.27    4,118,952.23    0.00    0.00   4,119,438.50 107,235,909.02  0.84612946  4,119,438.50
  A-R          100.00           0.00    0.00            0.00    0.00    0.00           0.00           0.00  0.00000000          0.00
  X-A            0.00           0.00    0.00            0.00    0.00    0.00           0.00           0.00  0.00000000          0.00
  B-1    6,016,000.00   6,016,000.00    0.00            0.00    0.00    0.00           0.00   6,016,000.00  1.00000000          0.00
  B-2    3,266,000.00   3,266,000.00    0.00            0.00    0.00    0.00           0.00   3,266,000.00  1.00000000          0.00
  X-B            0.00           0.00    0.00            0.00    0.00    0.00           0.00           0.00  0.00000000          0.00
  B-3    1,890,000.00   1,890,000.00    0.00            0.00    0.00    0.00           0.00   1,890,000.00  1.00000000          0.00
  B-4    1,231,000.00   1,231,000.00    0.00            0.00    0.00    0.00           0.00   1,231,000.00  1.00000000          0.00
  B-5      687,000.00     687,000.00    0.00            0.00    0.00    0.00           0.00     687,000.00  1.00000000          0.00
  B-6    1,549,605.55   1,549,605.55    0.00            0.00    0.00    0.00           0.00   1,549,605.55  1.00000000          0.00
       -------------- --------------  ------   -------------    ----    ----  ------------- --------------  ---------- -------------
Totals 343,838,705.55 315,916,019.72  488.34   14,338,296.05    0.00    0.00  14,338,784.39 301,577,235.33  0.87708926 14,338,784.39
       -------------- --------------  ------   -------------    ----    ----  ------------- --------------  ---------- -------------
</TABLE>

(1)   Amount does not include excess special hazard, bankruptcy, or fraud losses
      unless otherwise disclosed. Please refer to the prospectus supplement for
      a full description.

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                   Scheduled
                       Beginning   Principal   Unscheduled                          Total       Ending       Ending        Total
      Original Face   Certificate  Distribu-    Principal              Realized   Principal   Certificate  Certificate   Principal
Class     Amount        Balance      tion     Distribution Accretion   Loss (3)   Reduction     Balance     Percentage  Distribution
----- -------------- ------------- ---------- ------------ ---------- ---------- ----------- ------------- ----------- -------------
<S>   <C>            <C>           <C>        <C>          <C>        <C>        <C>         <C>           <C>         <C>
A-1   202,462,000.00  938.05784122 0.00001022 50.47536733  0.00000000 0.00000000 50.47537755  887.58246367 0.88758246  50.47537755
A-2   126,737,000.00  878.63329194 0.00383684 32.49999787  0.00000000 0.00000000 32.50383471  846.12945722 0.84612946  32.50383471
A-R           100.00    0.00000000 0.00000000  0.00000000  0.00000000 0.00000000  0.00000000    0.00000000 0.00000000   0.00000000
X-A             0.00    0.00000000 0.00000000  0.00000000  0.00000000 0.00000000  0.00000000    0.00000000 0.00000000   0.00000000
B-1     6,016,000.00 1000.00000000 0.00000000  0.00000000  0.00000000 0.00000000  0.00000000 1000.00000000 1.00000000   0.00000000
B-2     3,266,000.00 1000.00000000 0.00000000  0.00000000  0.00000000 0.00000000  0.00000000 1000.00000000 1.00000000   0.00000000
X-B             0.00    0.00000000 0.00000000  0.00000000  0.00000000 0.00000000  0.00000000    0.00000000 0.00000000   0.00000000
B-3     1,890,000.00 1000.00000000 0.00000000  0.00000000  0.00000000 0.00000000  0.00000000 1000.00000000 1.00000000   0.00000000
B-4     1,231,000.00 1000.00000000 0.00000000  0.00000000  0.00000000 0.00000000  0.00000000 1000.00000000 1.00000000   0.00000000
B-5       687,000.00 1000.00000000 0.00000000  0.00000000  0.00000000 0.00000000  0.00000000 1000.00000000 1.00000000   0.00000000
B-6     1,549,605.55 1000.00000000 0.00000000  0.00000000  0.00000000 0.00000000  0.00000000 1000.00000000 1.00000000   0.00000000
</TABLE>

(3)   Amount does not include excess special hazard, bankruptcy, or fraud losses
      unless otherwise disclosed. Please refer to the prospectus supplement for
      a full description.

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                              Payment
                                    Beginning                    of                  Non-                         Remaining
                        Current    Certificate/    Current     Unpaid    Current  Supported              Total     Unpaid
       Original Face  Certificate    Notional      Accrued    Interest  Interest   Interest Realized   Interest   Interest
 Class     Amount        Rate        Balance       Interest   Shortfall Shortfall Shortfall Loss (4) Distribution Shortfall
------ -------------- ----------- -------------- ------------ --------- --------- --------- -------- ------------ ---------
<S>    <C>            <C>         <C>            <C>          <C>       <C>       <C>       <C>      <C>          <C>
  A-1  202,462,000.00 3.48000%    189,921,066.65   550,771.09    0.00       0.00     0.00     0.00     550,771.09    0.00
  A-2  126,737,000.00 3.36000%    111,355,347.52   311,794.97    0.00       0.00     0.00     0.00     311,794.97    0.00
  A-R          100.00 3.91289%              0.00         0.00    0.00       0.00     0.00     0.00           0.36    0.00
  X-A            0.00 0.57389%    301,276,414.17   144,083.18    0.00       0.00     0.00     0.00     144,083.18    0.00
  B-1    6,016,000.00 3.65000%      6,016,000.00    18,298.67    0.00       0.00     0.00     0.00      18,298.67    0.00
  B-2    3,266,000.00 3.93000%      3,266,000.00    10,696.15    0.00       0.00     0.00     0.00      10,696.15    0.00
  X-B            0.00 0.26053%      9,282,000.00     2,015.21    0.00       0.00     0.00     0.00       2,015.21    0.00
  B-3    1,890,000.00 4.00905%      1,890,000.00     6,314.26    0.00       0.00     0.00     0.00       6,314.26    0.00
  B-4    1,231,000.00 4.00905%      1,231,000.00     4,112.62    0.00       0.00     0.00     0.00       4,112.62    0.00
  B-5      687,000.00 4.00905%        687,000.00     2,295.18    0.00       0.00     0.00     0.00       2,295.18    0.00
  B-6    1,549,605.55 4.00905%      1,549,605.55     5,177.04    0.00       0.00     0.00     0.00       5,177.04    0.00
       --------------                            ------------    ----       ----     ----     ----   ------------    ----
Totals 343,838,705.55                            1,055,558.37    0.00       0.00     0.00     0.00   1,055,558.73    0.00
       --------------                            ------------    ----       ----     ----     ----   ------------    ----

<CAPTION>
        Ending Certificate/
 Class  Notational Balance
------  -------------------
<S>     <C>
  A-1    179,701,720.76
  A-2    107,235,909.02
  A-R              0.00
  X-A    286,937,629.78
  B-1      6,016,000.00
  B-2      3,266,000.00
  X-B      9,282,000.00
  B-3      1,890,000.00
  B-4      1,231,000.00
  B-5        687,000.00
  B-6      1,549,605.55
Totals
</TABLE>

(4)   Amount does not include excess special hazard, bankruptcy, or fraud losses
      unless otherwise disclosed. Please refer to the prospectus supplement for
      a full description.
<PAGE>
                                  INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                    Payment of                 Non-
                          Current       Beginning        Current      Unpaid     Current    Supported
Class  Original Face    Certificate    Certificate/      Accrued     Interest   Interest     Interest    Realized
 (5)       Amount          Rate      Notional Balance   Interest     Shortfall  Shortfall   Shortfall    Loss (6)
-----  ---------------  -----------  ----------------  -----------  ----------  ----------  ----------  ----------
<S>    <C>              <C>          <C>               <C>          <C>         <C>         <C>         <C>
 A-1    202,462,000.00    3.48000%      938.05784122    2.72036772  0.00000000  0.00000000  0.00000000  0.00000000
 A-2    126,737,000.00    3.36000%      878.63329194    2.46017319  0.00000000  0.00000000  0.00000000  0.00000000
 A-R            100.00    3.91289%        0.00000000    0.00000000  0.00000000  0.00000000  0.00000000  0.00000000
 X-A              0.00    0.57389%      915.18022281    0.43767806  0.00000000  0.00000000  0.00000000  0.00000000
 B-1      6,016,000.00    3.65000%     1000.00000000    3.04166722  0.00000000  0.00000000  0.00000000  0.00000000
 B-2      3,266,000.00    3.93000%     1000.00000000    3.27500000  0.00000000  0.00000000  0.00000000  0.00000000
 X-B              0.00    0.26053%     1000.00000000    0.21710946  0.00000000  0.00000000  0.00000000  0.00000000
 B-3      1,890,000.00    4.00905%     1000.00000000    3.34087831  0.00000000  0.00000000  0.00000000  0.00000000
 B-4      1,231,000.00    4.00905%     1000.00000000    3.34087734  0.00000000  0.00000000  0.00000000  0.00000000
 B-5        687,000.00    4.00905%     1000.00000000    3.34087336  0.00000000  0.00000000  0.00000000  0.00000000
 B-6      1,549,605.55    4.00905%     1000.00000000    3.34087601  0.00000000  0.00000000  0.00000000  0.00000000
</TABLE>

<TABLE>
<CAPTION>
                       Remaining
                        Unpaid
Class  Total Interest   Interest   Ending Certificate/
 (5)    Distribution    Shortfall  Notational Balance
-----  --------------  ----------  -------------------
<S>    <C>             <C>         <C>
 A-1     2.72036772    0.00000000      887.58246367
 A-2     2.46017319    0.00000000      846.12945722
 A-R     3.60000000    0.00000000        0.00000000
 X-A     0.43767806    0.00000000      871.62363731
 B-1     3.04166722    0.00000000     1000.00000000
 B-2     3.27500000    0.00000000     1000.00000000
 X-B     0.21710946    0.00000000     1000.00000000
 B-3     3.34087831    0.00000000     1000.00000000
 B-4     3.34087734    0.00000000     1000.00000000
 B-5     3.34087336    0.00000000     1000.00000000
 B-6     3.34087601    0.00000000     1000.00000000
</TABLE>

(5)   Per $1 denomination

(6)   Amount does not include excess special hazard, bankruptcy, or fraud losses
      unless otherwise disclosed. Please refer to the prospectus supplement for
      a full description.

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                            <C>
Beginning Balance                                                       0.00

Deposits

   Payments of Interest and Principal                          15,497,387.61
   Liquidations, Insurance Proceeds, Reserve Funds                      0.00
   Proceeds from Repurchased Loans                                      0.00
   Other Amounts (Servicer Advances)                               16,309.56
   Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
   Prepayment Penalties                                                 0.00
                                                               -------------
Total Deposits                                                 15,513,697.17

Withdrawals

   Reimbursement for Servicer Advances                             14,115.21
   Payment of Service Fee                                         105,238.84
   Payment of Interest and Principal                           15,394,343.12
                                                               -------------
Total Withdrawals (Pool Distribution Amount)                   15,513,697.17

Ending Balance                                                          0.00
                                                               =============
</TABLE>

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<S>                                                            <C>
Total Prepayment/Curtailment Interest Shortfall                         0.00
Servicing Fee Support                                                   0.00
                                                               -------------

Non-Supported Prepayment Curtailment Interest Shortfall                 0.00
                                                               =============
</TABLE>

                                 SERVICING FEES
<TABLE>
<S>                                                            <C>
Gross Servicing Fee                                               100,631.73
Master Servicing Fee                                                4,607.11
Supported Prepayment/Curtailment Interest Shortfall                     0.00
                                                               -------------
Net Servicing Fee                                                 105,238.84
                                                               =============
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                 Beginning       Current       Current    Ending
Account Type      Balance      Withdrawals    Deposits    Balance
------------     ---------    -----------    --------    --------
<S>              <C>          <C>            <C>         <C>
Reserve Fund      4,500.00       0.00          0.00      4,500.00
Reserve Fund      4,500.00       0.00          0.00      4,500.00
Reserve Fund      1,000.00       0.00          0.00      1,000.00
</TABLE>

<PAGE>

            LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

                                   DELINQUENT

<TABLE>
<CAPTION>
             No. of      Principal
             Loans        Balance
<S>        <C>         <C>
0-29 Days       0              0.00
30 Days        10      4,837,237.10
60 Days         0              0.00
90 Days         0              0.00
120 Days        0              0.00
150 Days        0              0.00
180+ Days       0              0.00
           ------      ------------
               10      4,837,237.10
</TABLE>

<TABLE>
<CAPTION>
             No. of      Principal
             Loans        Balance
<S>          <C>         <C>
0-29 Days    0.000000%     0.000000%
30 Days      1.197605%     1.603974%
60 Days      0.000000%     0.000000%
90 Days      0.000000%     0.000000%
120 Days     0.000000%     0.000000%
150 Days     0.000000%     0.000000%
180+ Days    0.000000%     0.000000%
           ----------      --------
             1.197605%     1.603974%
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
            No. of   Principal
            Loans     Balance
<S>        <C>       <C>
0-29 Days     0        0.00
30 Days       0        0.00
60 Days       0        0.00
90 Days       0        0.00
120 Days      0        0.00
150 Days      0        0.00
180+ Days     0        0.00
           ----        ----
              0        0.00
</TABLE>

<TABLE>
<CAPTION>
            No. of   Principal
            Loans     Balance
<S>        <C>        <C>
0-29 Days  0.000000%  0.000000%
30 Days    0.000000%  0.000000%
60 Days    0.000000%  0.000000%
90 Days    0.000000%  0.000000%
120 Days   0.000000%  0.000000%
150 Days   0.000000%  0.000000%
180+ Days  0.000000%  0.000000%
           --------   --------
           0.000000%  0.000000%
</TABLE>

                                   FORECLOSURE

<TABLE>
<CAPTION>
            No. of   Principal
            Loans     Balance
<S>        <C>       <C>
0-29 Days      0        0.00
30 Days        0        0.00
60 Days        0        0.00
90 Days        0        0.00
120 Days       0        0.00
150 Days       0        0.00
180+ Days      0        0.00
           -----        ----
               0        0.00
</TABLE>

<TABLE>
<CAPTION>
            No. of    Principal
            Loans      Balance
<S>        <C>        <C>
0-29 Days  0.000000%   0.000000%
30 Days    0.000000%   0.000000%
60 Days    0.000000%   0.000000%
90 Days    0.000000%   0.000000%
120 Days   0.000000%   0.000000%
150 Days   0.000000%   0.000000%
180+ Days  0.000000%   0.000000%
           --------    --------
           0.000000%   0.000000%
</TABLE>

                                   REO

<TABLE>
<CAPTION>
            No. of   Principal
            Loans     Balance
<C>        <C>       <C>
0-29 Days      0        0.00
30 Days        0        0.00
60 Days        0        0.00
90 Days        0        0.00
120 Days       0        0.00
150 Days       0        0.00
180+ Days      0        0.00
           -----        ----
               0        0.00
</TABLE>

<TABLE>
<CAPTION>
            No. of     Principal
            Loans      Balance
<S>        <C>         <C>
0-29 Days  0.000000%   0.000000%
30 Days    0.000000%   0.000000%
60 Days    0.000000%   0.000000%
90 Days    0.000000%   0.000000%
120 Days   0.000000%   0.000000%
150 Days   0.000000%   0.000000%
180+ Days  0.000000%   0.000000%
           ---------   ---------
           0.000000%   0.000000%
</TABLE>

                                      TOTAL

<TABLE>
<CAPTION>
            No. of    Principal
            Loans      Balance
<S>        <C>       <C>
0-29 Days      0             0.00
30 Days       10     4,837,237.10
60 Days        0             0.00
90 Days        0             0.00
120 Days       0             0.00
150 Days       0             0.00
180+ Days      0             0.00
           -----     ------------
              10     4,837,237.10
</TABLE>

<TABLE>
<CAPTION>
            No. of       Principal
            Loans        Balance
<S>        <C>           <C>
0-29 Days  0.000000%     0.000000%
30 Days    1.197605%     1.603974%
60 Days    0.000000%     0.000000%
90 Days    0.000000%     0.000000%
120 Days   0.000000%     0.000000%
150 Days   0.000000%     0.000000%
180+ Days  0.000000%     0.000000%
           --------      --------
           1.197605%     1.603974%

</TABLE>

<TABLE>
<S>                                          <C>    <C>                                           <C>    <C>               <C>
Current Period Class A Insufficient Funds:   0.00   Principal Balance of Contaminated Properties  0.00  Periodic Advance   16,309.56
</TABLE>

<TABLE>
<CAPTION>
              Original $    Original%      Current $      Current %   Current Class %    Prepayment %
            -------------   ----------   -------------   ----------   ---------------    ------------
<S>         <C>             <C>          <C>             <C>            <C>               <C>
Class A     14,639,605.55   4.25769563%  14,639,605.55   4.85434702%    95.145653%        0.000000%
Class B-1    8,623,605.55   2.50803805%   8,623,605.55   2.85950149%     1.994846%       41.094003%
Class B-2    5,357,605.55   1.55817407%   5,357,605.55   1.77652850%     1.082973%       22.309344%
Class B-3    3,467,605.55   1.00849773%   3,467,605.55   1.14982338%     0.626705%       12.910184%
Class B-4    2,236,605.55   0.65048103%   2,236,605.55   0.74163607%     0.408187%        8.408697%
Class B-5    1,549,605.55   0.45067804%   1,549,605.55   0.51383373%     0.227802%        4.692749%
Class B-6            0.00   0.00000000%           0.00   0.00000000%     0.513834%       10.585023%
</TABLE>

Please refer to the prospectus supplement for a full description of loss
exposure
<PAGE>

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
            DELINQUENT                         BANKRUPTCY                       FORECLOSURE
-----------------------------------  -------------------------------  --------------------------------
<S>         <C>        <C>           <C>        <C>        <C>        <C>         <C>        <C>
GROUP ONE
              No. of    Principal                 No. of   Principal              No. of    Principal
              Loans      Balance                  Loans     Balance               Loans      Balance
0-29 Days       0              0.00  0-29 Days      0          0.00   0-29 Days     0           0.00
30 Days         6      2,647,949.86  30 Days        0          0.00   30 Days       0           0.00
60 Days         0              0.00  60 Days        0          0.00   60 Days       0           0.00
90 Days         0              0.00  90 Days        0          0.00   90 Days       0           0.00
120 Days        0              0.00  120 Days       0          0.00   120 Days      0           0.00
150 Days        0              0.00  150 Days       0          0.00   150 Days      0           0.00
180+ Days       0              0.00  180+ Days      0          0.00   180+ Days     0           0.00
               ---     ------------                ---         ----                ---          ----
                6      2,647,949.86                 0          0.00                 0           0.00

              No. of    Principal                 No. of   Principal              No. of    Principal
              Loans      Balance                  Loans     Balance                Loans     Balance

0-29 Days   0.000000%    0.000000%   0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%  0.000000%
30 Days     1.181102%    1.403142%   30 Days    0.000000%  0.000000%  30 Days    0.000000%  0.000000%
60 Days     0.000000%    0.000000%   60 Days    0.000000%  0.000000%  60 Days    0.000000%  0.000000%
90 Days     0.000000%    0.000000%   90 Days    0.000000%  0.000000%  90 Days    0.000000%  0.000000%
120 Days    0.000000%    0.000000%   120 Days   0.000000%  0.000000%  120 Days   0.000000%  0.000000%
150 Days    0.000000%    0.000000%   150 Days   0.000000%  0.000000%  150 Days   0.000000%  0.000000%
180+ Days   0.000000%    0.000000%   180+ Days  0.000000%  0.000000%  180+ Days  0.000000%  0.000000%
            --------     --------               --------   --------              --------   --------
            1.181102%    1.403142%              0.000000%  0.000000%             0.000000%  0.000000%

<CAPTION>
                 REO                          TOTAL
-------------------------------  -----------------------------------
<C>        <C>        <C>        <C>         <C>        <C>
            No. of    Principal               No. of     Principal
             Loans     Balance                 Loans      Balance
0-29 Days      0           0.00  0-29 Days       0              0.00
30 Days        0           0.00  30 Days         6      2,647,949.86
60 Days        0           0.00  60 Days         0              0.00
90 Days        0           0.00  90 Days         0              0.00
120 Days       0           0.00  120 Days        0              0.00
150 Days       0           0.00  150 Days        0              0.00
180+ Days      0           0.00  180+ Days       0              0.00
              ---          ----                 ---     ------------
               0           0.00                  6      2,647,949.86

            No. of    Principal               No. of     Principal
             Loans     Balance                Loans       Balance

0-29 Days  0.000000%  0.000000%  0-29 Days   0.000000%     0.000000%
30 Days    0.000000%  0.000000%  30 Days     1.181102%     1.403142%
60 Days    0.000000%  0.000000%  60 Days     0.000000%     0.000000%
90 Days    0.000000%  0.000000%  90 Days     0.000000%     0.000000%
120 Days   0.000000%  0.000000%  120 Days    0.000000%     0.000000%
150 Days   0.000000%  0.000000%  150 Days    0.000000%     0.000000%
180+ Days  0.000000%  0.000000%  180+ Days   0.000000%     0.000000%
           --------   --------               --------      --------
           0.000000%  0.000000%              1.181102%     1.403142%
</TABLE>

<TABLE>
<CAPTION>
              DELINQUENT                       BANKRUPTCY                        FORECLOSURE
-----------------------------------  -------------------------------  ---------------------------------
<S>        <C>         <C>           <C>        <C>        <C>        <C>         <C>        <C>
GROUP TWO                                            1.183654%
            No. of      Principal                No. of    Principal               No. of    Principal
             Loans       Balance                 Loans      Balance                 Loans     Balance
0-29 Days      0               0.00  0-29 Days      0           0.00  0-29 Days       0           0.00
30 Days        4       2,189,287.24  30 Days        0           0.00  30 Days         0           0.00
60 Days        0               0.00  60 Days        0           0.00  60 Days         0           0.00
90 Days        0               0.00  90 Days        0           0.00  90 Days         0           0.00
120 Days       0               0.00  120 Days       0           0.00  120 Days        0           0.00
150 Days       0               0.00  150 Days       0           0.00  150 Days        0           0.00
180+ Days      0               0.00  180+ Days      0           0.00  180+ Days       0           0.00
              ---      ------------                ---          ----                 ---          ----
               4       2,189,287.24                 0           0.00                  0           0.00

            No. of      Principal                No. of    Principal               No. of    Principal
             Loans       Balance                 Loans      Balance                Loans      Balance

0-29 Days  0.000000%    0.000000%    0-29 Days  0.000000%  0.000000%  0-29 Days   0.000000%   0.000000%
30 Days    1.223242%    1.939784%    30 Days    0.000000%  0.000000%  30 Days     0.000000%   0.000000%
60 Days    0.000000%    0.000000%    60 Days    0.000000%  0.000000%  60 Days     0.000000%   0.000000%
90 Days    0.000000%    0.000000%    90 Days    0.000000%  0.000000%  90 Days     0.000000%   0.000000%
120 Days   0.000000%    0.000000%    120 Days   0.000000%  0.000000%  120 Days    0.000000%   0.000000%
150 Days   0.000000%    0.000000%    150 Days   0.000000%  0.000000%  150 Days    0.000000%   0.000000%
180+ Days  0.000000%    0.000000%    180+ Days  0.000000%  0.000000%  180+ Days   0.000000%   0.000000%
           --------     --------                --------   --------               --------    --------
           1.223242%    1.939784%               0.000000%  0.000000%              0.000000%   0.000000%

<CAPTION>
             REO                                TOTAL
-------------------------------    -----------------------------------
<C>        <C>        <C>          <C>          <C>        <C>
            No. of     Principal                No. of     Principal
             Loans      Balance                 Loans       Balance
0-29 Days      0            0.00   0-29 Days       0              0.00
30 Days        0            0.00   30 Days         4      2,189,287.24
60 Days        0            0.00   60 Days         0              0.00
90 Days        0            0.00   90 Days         0              0.00
120 Days       0            0.00   120 Days        0              0.00
150 Days       0            0.00   150 Days        0              0.00
180+ Days      0            0.00   180+ Days       0              0.00
              ---           ----                  ---     ------------
               0            0.00                   4      2,189,287.24

            No. of     Principal                No. of     Principal
            Loans       Balance                  Loans      Balance

0-29 Days  0.000000%    0.000000%  0-29 Days    0.000000%   0.000000%
30 Days    0.000000%    0.000000%  30 Days      1.223242%   1.939784%
60 Days    0.000000%    0.000000%  60 Days      0.000000%   0.000000%
90 Days    0.000000%    0.000000%  90 Days      0.000000%   0.000000%
120 Days   0.000000%    0.000000%  120 Days     0.000000%   0.000000%
150 Days   0.000000%    0.000000%  150 Days     0.000000%   0.000000%
180+ Days  0.000000%    0.000000%  180+ Days    0.000000%   0.000000%
           --------     --------                --------    --------
           0.000000%    0.000000%               1.223242%   1.939784%
</TABLE>
<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                              Mixed ARM
<S>                                                               <C>
Weighted Average Gross Coupon                                           4.409263%
Weighted Average Net Coupon                                             4.027016%
Weighted Average Pass-Through Rate                                      4.009516%
Weighted Average Maturity (Stepdown Calculation)                             333

Beginning Scheduled Collateral Loan Count                                    859
Number of Loans Paid in Full                                                  24
Ending Scheduled Collateral Loan Count                                       835

Beginning Scheduled Collateral Balance                            315,916,019.72
Ending Scheduled Collateral Balance                               301,577,235.33
Ending Actual Collateral Balance at 30-June-2005                  301,578,196.77

Monthly P&I Constant                                                1,161,285.73
Special Servicing Fee                                                       0.00
Prepayment Penalties                                                        0.00
Realization Loss Amount                                                     0.00
Cumulative Realized Loss                                                    0.00

Class A Optimal Amount                                             15,345,433.63

Scheduled Principal                                                       488.34
Unscheduled Principal                                              14,338,296.05
</TABLE>

<TABLE>
<S>                                                                    <C>
MISCELLANEOUS REPORTING

Pro Rata Senior Percent                                                95.365982%
Pro Rata Subordinate Percent                                            4.634018%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
            GROUP                                            ONE                            TWO                    TOTAL
Collateral Description                                    Mixed ARM                      Mixed ARM               Mixed ARM
<S>                                                     <C>                            <C>                     <C>
Weighted Average Coupon Rate                                  4.420061                       4.390901                4.409263
Weighted Average Net Rate                                     4.039264                       4.006187                4.027016
Pass-Through Rate                                             4.021764                       3.988686                4.009516
Weighted Average Maturity                                          330                            338                     333
Record Date                                                 06/30/2005                     06/30/2005              06/30/2005
Principal and Interest Constant                             732,756.54                     428,529.19            1,161,285.73
Beginning Loan Count                                               523                            336                     859
Loans Paid in Full                                                  15                              9                      24
Ending Loan Count                                                  508                            327                     835
Beginning Scheduled Balance                             198,935,119.60                 116,980,900.12          315,916,019.72
Ending Scheduled Balance                                188,715,773.71                 112,861,461.62          301,577,235.33
Scheduled Principal                                               2.07                         486.27                  488.34
Unscheduled Principal                                    10,219,343.82                   4,118,952.23           14,338,296.05
Scheduled Interest                                          732,754.47                     428,042.92            1,160,797.39
Servicing Fee                                                63,128.23                      37,503.50              100,631.73
Master Servicing Fee                                          2,901.14                       1,705.97                4,607.11
Trustee Fee                                                       0.00                           0.00                    0.00
FRY Amount                                                        0.00                           0.00                    0.00
Special Hazard Fee                                                0.00                           0.00                    0.00
Other Fee                                                         0.00                           0.00                    0.00
Pool Insurance Fee                                                0.00                           0.00                    0.00
Spread 1                                                          0.00                           0.00                    0.00
Spread 2                                                          0.00                           0.00                    0.00
Spread 3                                                          0.00                           0.00                    0.00
Net Interest                                                666,725.10                     388,833.45            1,055,558.55
Realized Loss Amount                                              0.00                           0.00                    0.00
Cumulative Realized Loss                                          0.00                           0.00                    0.00
Percentage of Cumulative Losses                                   0.00                           0.00                    0.00
Prepayment Penalties                                              0.00                           0.00                    0.00
Special Servicing Fee                                             0.00                           0.00                    0.00
</TABLE>

<PAGE>

<TABLE>
<S>                                                               <C>
MISCELLANEOUS REPORTING

Group 0ne
One Month Libor Loan Balance                                      102,948,755.67
Principal Transfer Amount                                                   0.00
Senior Percent                                                        100.000000%
Senior Prepayment Percent                                             100.000000%
Subordinate Percent                                                     0.000000%
Subordinate Prepayment Percent                                          0.000000%
Interest Transfer Amount                                                    0.00

Group Two
Six-Month Libor Loan Balance                                       85,767,018.04
Principal Transfer Amount                                                   0.00
Senior Percent                                                        100.000000%
Senior Prepayment Percent                                             100.000000%
Subordinate Percent                                                     0.000000%
Subordinate Prepayment Percent                                          0.000000%
Interest Transfer Amount                                                    0.00
</TABLE>