|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|------------------------------------------ | -------- | --------- | ------------- | ----- | -------------- |  | ----------------------- |  | --------------- |  | --------- |  |  |  | -------------- | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |               
|CDC Mortgage Capital Trust Series 2004-HE1
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|2004 Annual Statement                     
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | DISTRIBUTION IN DOLLARS |  |                 |  |           |  | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  | ENDING BALANCE | 
|PERIOD                                     |          | CLASS     |               | CUSIP |                |  | INTEREST                |  |                 |  | PRINCIPAL |  | 
|200403                                     | A-1      | 12506YCG2 | $444,962.37   |       | $3,591,609.41  |  | $396,674,390.59         | 
|200404                                     | A-1      | 12506YCG2 | $486,587.25   |       | $8,856,157.39  |  | $387,818,233.20         | 
|200405                                     | A-1      | 12506YCG2 | $434,248.69   |       | $10,580,262.48 |  | $377,237,970.72         | 
|200406                                     | A-1      | 12506YCG2 | $451,532.89   |       | $13,504,138.58 |  | $363,733,832.14         | 
|200407                                     | A-1      | 12506YCG2 | $498,012.24   |       | $14,742,888.45 |  | $348,990,943.69         | 
|200408                                     | A-1      | 12506YCG2 | $506,036.87   |       | $19,027,475.52 |  | $329,963,468.17         | 
|200409                                     | A-1      | 12506YCG2 | $576,198.71   |       | $17,390,522.17 |  | $312,572,946.00         | 
|200410                                     | A-1      | 12506YCG2 | $517,829.18   |       | $23,470,038.20 |  | $289,102,907.80         | 
|200411                                     | A-1      | 12506YCG2 | $571,138.86   |       | $22,893,311.44 |  | $266,209,596.36         | 
|200412                                     | A-1      | 12506YCG2 | $566,357.44   |       | $23,234,527.62 |  | $242,975,068.74         | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $5,052,904.50           |  | $157,290,931.26 |  |           |  | 
|200403                                     | A-2      | 12506YCH0 | $225,810.43   |       | $1,360,148.63  |  | $198,865,851.37         | 
|200404                                     | A-2      | 12506YCH0 | $247,477.50   |       | $5,262,693.19  |  | $193,603,158.18         | 
|200405                                     | A-2      | 12506YCH0 | $219,900.92   |       | $5,869,384.80  |  | $187,733,773.38         | 
|200406                                     | A-2      | 12506YCH0 | $227,940.09   |       | $7,741,955.77  |  | $179,991,817.61         | 
|200407                                     | A-2      | 12506YCH0 | $249,538.66   |       | $8,943,240.62  |  | $171,048,576.99         | 
|200408                                     | A-2      | 12506YCH0 | $250,871.25   |       | $9,596,098.43  |  | $161,452,478.56         | 
|200409                                     | A-2      | 12506YCH0 | $284,896.35   |       | $9,438,395.29  |  | $152,014,083.27         | 
|200410                                     | A-2      | 12506YCH0 | $254,201.33   |       | $10,158,378.45 |  | $141,855,704.82         | 
|200411                                     | A-2      | 12506YCH0 | $282,765.70   |       | $8,165,777.27  |  | $133,689,927.55         | 
|200412                                     | A-2      | 12506YCH0 | $286,726.01   |       | $12,402,943.80 |  | $121,286,983.75         | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $2,530,128.24           |  | $78,939,016.25  |  |           |  | 
|200403                                     | A-3      | 12506YCJ6 | $95,297.22    |       | $2,646,204.21  |  | $88,353,795.79          | 
|200404                                     | A-3      | 12506YCJ6 | $102,097.72   |       | $2,771,904.02  |  | $85,581,891.77          | 
|200405                                     | A-3      | 12506YCJ6 | $90,312.67    |       | $3,458,664.79  |  | $82,123,226.98          | 
|200406                                     | A-3      | 12506YCJ6 | $92,639.56    |       | $4,598,395.57  |  | $77,524,831.41          | 
|200407                                     | A-3      | 12506YCJ6 | $100,803.82   |       | $3,324,093.80  |  | $74,200,737.61          | 
|200408                                     | A-3      | 12506YCJ6 | $102,644.35   |       | $6,392,515.85  |  | $67,808,221.76          | 
|200409                                     | A-3      | 12506YCJ6 | $113,437.50   |       | $4,721,822.58  |  | $63,086,399.18          | 
|200410                                     | A-3      | 12506YCJ6 | $100,587.76   |       | $5,408,645.87  |  | $57,677,753.31          | 
|200411                                     | A-3      | 12506YCJ6 | $109,844.08   |       | $7,639,783.10  |  | $50,037,970.21          | 
|200412                                     | A-3      | 12506YCJ6 | $103,008.07   |       | $7,408,217.07  |  | $42,629,753.14          | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $1,010,672.75           |  | $48,370,246.86  |  |           |  | 
|200403                                     | A-4      | 12506YCK3 | $44,733.99    |       | $0.00          |  | $35,827,000.00          | 
|200404                                     | A-4      | 12506YCK3 | $49,361.64    |       | $0.00          |  | $35,827,000.00          | 
|200405                                     | A-4      | 12506YCK3 | $45,022.60    |       | $0.00          |  | $35,827,000.00          | 
|200406                                     | A-4      | 12506YCK3 | $48,127.60    |       | $0.00          |  | $35,827,000.00          | 
|200407                                     | A-4      | 12506YCK3 | $54,297.81    |       | $0.00          |  | $35,827,000.00          | 
|200408                                     | A-4      | 12506YCK3 | $57,024.64    |       | $0.00          |  | $35,827,000.00          | 
|200409                                     | A-4      | 12506YCK3 | $68,145.94    |       | $0.00          |  | $35,827,000.00          | 
|200410                                     | A-4      | 12506YCK3 | $64,090.52    |       | $0.00          |  | $35,827,000.00          | 
|200411                                     | A-4      | 12506YCK3 | $76,192.09    |       | $0.00          |  | $35,827,000.00          | 
|200412                                     | A-4      | 12506YCK3 | $81,466.15    |       | $0.00          |  | $35,827,000.00          | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $588,462.98             |  | $0.00           |  |           |  | 
|200403                                     | B-1      | 12506YCP2 | $26,911.57    |       | $0.00          |  | $11,974,000.00          | 
|200404                                     | B-1      | 12506YCP2 | $29,695.52    |       | $0.00          |  | $11,974,000.00          | 
|200405                                     | B-1      | 12506YCP2 | $27,008.02    |       | $0.00          |  | $11,974,000.00          | 
|200406                                     | B-1      | 12506YCP2 | $28,870.64    |       | $0.00          |  | $11,974,000.00          | 
|200407                                     | B-1      | 12506YCP2 | $30,932.83    |       | $0.00          |  | $11,974,000.00          | 
|200408                                     | B-1      | 12506YCP2 | $31,431.75    |       | $0.00          |  | $11,974,000.00          | 
|200409                                     | B-1      | 12506YCP2 | $36,385.99    |       | $0.00          |  | $11,974,000.00          | 
|200410                                     | B-1      | 12506YCP2 | $32,968.41    |       | $0.00          |  | $11,974,000.00          | 
|200411                                     | B-1      | 12506YCP2 | $38,662.72    |       | $0.00          |  | $11,974,000.00          | 
|200412                                     | B-1      | 12506YCP2 | $40,012.96    |       | $0.00          |  | $11,974,000.00          | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $322,880.41             |  | $0.00           |  |           |  | 
|200403                                     | B-2      | 12506YCQ0 | $25,811.15    |       | $0.00          |  | $11,087,000.00          | 
|200404                                     | B-2      | 12506YCQ0 | $28,481.27    |       | $0.00          |  | $11,087,000.00          | 
|200405                                     | B-2      | 12506YCQ0 | $25,900.46    |       | $0.00          |  | $11,087,000.00          | 
|200406                                     | B-2      | 12506YCQ0 | $27,686.70    |       | $0.00          |  | $11,087,000.00          | 
|200407                                     | B-2      | 12506YCQ0 | $29,596.13    |       | $0.00          |  | $11,087,000.00          | 
|200408                                     | B-2      | 12506YCQ0 | $30,027.29    |       | $0.00          |  | $11,087,000.00          | 
|200409                                     | B-2      | 12506YCQ0 | $34,706.93    |       | $0.00          |  | $11,087,000.00          | 
|200410                                     | B-2      | 12506YCQ0 | $31,388.53    |       | $0.00          |  | $11,087,000.00          | 
|200411                                     | B-2      | 12506YCQ0 | $36,784.20    |       | $0.00          |  | $11,087,000.00          | 
|200412                                     | B-2      | 12506YCQ0 | $38,003.63    |       | $0.00          |  | $11,087,000.00          | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $308,386.29             |  | $0.00           |  |           |  | 
|200403                                     | B-3      | 12506YCR8 | $43,226.98    |       | $0.00          |  | $11,087,000.00          | 
|200404                                     | B-3      | 12506YCR8 | $47,698.74    |       | $0.00          |  | $11,087,000.00          | 
|200405                                     | B-3      | 12506YCR8 | $43,316.29    |       | $0.00          |  | $11,087,000.00          | 
|200406                                     | B-3      | 12506YCR8 | $46,303.62    |       | $0.00          |  | $11,087,000.00          | 
|200407                                     | B-3      | 12506YCR8 | $48,213.05    |       | $0.00          |  | $11,087,000.00          | 
|200408                                     | B-3      | 12506YCR8 | $48,043.67    |       | $0.00          |  | $11,087,000.00          | 
|200409                                     | B-3      | 12506YCR8 | $54,524.94    |       | $0.00          |  | $11,087,000.00          | 
|200410                                     | B-3      | 12506YCR8 | $48,203.81    |       | $0.00          |  | $11,087,000.00          | 
|200411                                     | B-3      | 12506YCR8 | $56,001.67    |       | $0.00          |  | $11,087,000.00          | 
|200412                                     | B-3      | 12506YCR8 | $56,620.55    |       | $0.00          |  | $11,087,000.00          | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $492,153.32             |  | $0.00           |  |           |  | 
|200403                                     | M-1      | 12506YCL1 | $71,164.29    |       | $0.00          |  | $53,218,000.00          | 
|200404                                     | M-1      | 12506YCL1 | $78,526.12    |       | $0.00          |  | $53,218,000.00          | 
|200405                                     | M-1      | 12506YCL1 | $71,592.99    |       | $0.00          |  | $53,218,000.00          | 
|200406                                     | M-1      | 12506YCL1 | $76,530.44    |       | $0.00          |  | $53,218,000.00          | 
|200407                                     | M-1      | 12506YCL1 | $85,695.76    |       | $0.00          |  | $53,218,000.00          | 
|200408                                     | M-1      | 12506YCL1 | $89,583.63    |       | $0.00          |  | $53,218,000.00          | 
|200409                                     | M-1      | 12506YCL1 | $106,591.22   |       | $0.00          |  | $53,218,000.00          | 
|200410                                     | M-1      | 12506YCL1 | $99,754.18    |       | $0.00          |  | $53,218,000.00          | 
|200411                                     | M-1      | 12506YCL1 | $118,380.48   |       | $0.00          |  | $53,218,000.00          | 
|200412                                     | M-1      | 12506YCL1 | $126,052.05   |       | $0.00          |  | $53,218,000.00          | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $923,871.16             |  | $0.00           |  |           |  | 
|200403                                     | M-2      | 12506YCM9 | $81,811.59    |       | $0.00          |  | $44,349,000.00          | 
|200404                                     | M-2      | 12506YCM9 | $90,274.85    |       | $0.00          |  | $44,349,000.00          | 
|200405                                     | M-2      | 12506YCM9 | $82,168.84    |       | $0.00          |  | $44,349,000.00          | 
|200406                                     | M-2      | 12506YCM9 | $87,835.66    |       | $0.00          |  | $44,349,000.00          | 
|200407                                     | M-2      | 12506YCM9 | $95,473.54    |       | $0.00          |  | $44,349,000.00          | 
|200408                                     | M-2      | 12506YCM9 | $97,937.38    |       | $0.00          |  | $44,349,000.00          | 
|200409                                     | M-2      | 12506YCM9 | $114,438.90   |       | $0.00          |  | $44,349,000.00          | 
|200410                                     | M-2      | 12506YCM9 | $104,860.75   |       | $0.00          |  | $44,349,000.00          | 
|200411                                     | M-2      | 12506YCM9 | $123,487.33   |       | $0.00          |  | $44,349,000.00          | 
|200412                                     | M-2      | 12506YCM9 | $129,104.29   |       | $0.00          |  | $44,349,000.00          | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $1,007,393.13           |  | $0.00           |  |           |  | 
|200403                                     | M-3      | 12506YCN7 | $31,382.06    |       | $0.00          |  | $15,966,000.00          | 
|200404                                     | M-3      | 12506YCN7 | $34,628.48    |       | $0.00          |  | $15,966,000.00          | 
|200405                                     | M-3      | 12506YCN7 | $31,510.68    |       | $0.00          |  | $15,966,000.00          | 
|200406                                     | M-3      | 12506YCN7 | $33,683.83    |       | $0.00          |  | $15,966,000.00          | 
|200407                                     | M-3      | 12506YCN7 | $36,433.53    |       | $0.00          |  | $15,966,000.00          | 
|200408                                     | M-3      | 12506YCN7 | $37,254.00    |       | $0.00          |  | $15,966,000.00          | 
|200409                                     | M-3      | 12506YCN7 | $43,394.26    |       | $0.00          |  | $15,966,000.00          | 
|200410                                     | M-3      | 12506YCN7 | $39,613.42    |       | $0.00          |  | $15,966,000.00          | 
|200411                                     | M-3      | 12506YCN7 | $46,585.24    |       | $0.00          |  | $15,966,000.00          | 
|200412                                     | M-3      | 12506YCN7 | $48,540.87    |       | $0.00          |  | $15,966,000.00          | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $383,026.37             |  | $0.00           |  |           |  | 
|200403                                     | P        | DC04M1102 | $96,041.16    |       | $100.00        |  | $0.00                   | 
|200404                                     | P        | DC04M1102 | $149,712.74   |       | $0.00          |  | $0.00                   | 
|200405                                     | P        | DC04M1102 | $327,308.57   |       | $0.00          |  | $0.00                   | 
|200406                                     | P        | DC04M1102 | $408,326.66   |       | $0.00          |  | $0.00                   | 
|200407                                     | P        | DC04M1102 | $617,255.59   |       | $0.00          |  | $0.00                   | 
|200408                                     | P        | DC04M1102 | $703,878.18   |       | $0.00          |  | $0.00                   | 
|200409                                     | P        | DC04M1102 | $775,551.12   |       | $0.00          |  | $0.00                   | 
|200410                                     | P        | DC04M1102 | $724,735.24   |       | $0.00          |  | $0.00                   | 
|200411                                     | P        | DC04M1102 | $92,602.49    |       | $0.00          |  | $0.00                   | 
|200412                                     | P        | DC04M1102 | $812,035.48   |       | $0.00          |  | $0.00                   | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $4,707,447.23           |  | $100.00         |  |           |  | 
|200403                                     | R        | DC04M1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200404                                     | R        | DC04M1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200405                                     | R        | DC04M1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200406                                     | R        | DC04M1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200407                                     | R        | DC04M1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200408                                     | R        | DC04M1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200409                                     | R        | DC04M1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200410                                     | R        | DC04M1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200411                                     | R        | DC04M1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|200412                                     | R        | DC04M1103 | $0.00         |       | $0.00          |  | $0.00                   | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $0.00                   |  | $0.00           |  |           |  | 
|200403                                     | REMIC I  | DC04M1LT1 | $4,232,017.75 |       | $7,598,063.43  |  | $879,376,188.79         | 
|200404                                     | REMIC I  | DC04M1LT1 | $4,515,875.52 |       | $16,890,754.60 |  | $862,485,434.19         | 
|200405                                     | REMIC I  | DC04M1LT1 | $5,467,631.52 |       | $19,908,312.07 |  | $842,577,122.12         | 
|200406                                     | REMIC I  | DC04M1LT1 | $4,954,144.12 |       | $25,844,489.92 |  | $816,732,632.20         | 
|200407                                     | REMIC I  | DC04M1LT1 | $4,799,544.68 |       | $27,010,222.87 |  | $789,722,409.33         | 
|200408                                     | REMIC I  | DC04M1LT1 | $4,638,299.87 |       | $35,016,089.80 |  | $754,706,319.53         | 
|200409                                     | REMIC I  | DC04M1LT1 | $4,431,965.48 |       | $31,550,740.04 |  | $723,155,579.49         | 
|200410                                     | REMIC I  | DC04M1LT1 | $4,241,203.52 |       | $39,037,062.52 |  | $684,118,516.97         | 
|200411                                     | REMIC I  | DC04M1LT1 | $4,009,749.40 |       | $38,698,871.81 |  | $645,419,645.16         | 
|200412                                     | REMIC I  | DC04M1LT1 | $3,780,546.88 |       | $43,045,688.49 |  | $602,373,956.67         | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $45,070,978.74          |  | $284,600,295.55 |  |           |  | 
|200403                                     | REMIC II | DC04M1MT1 | $4,232,017.75 |       | $7,598,063.43  |  | $879,376,188.79         | 
|200404                                     | REMIC II | DC04M1MT1 | $4,515,875.52 |       | $16,890,754.60 |  | $862,485,434.19         | 
|200405                                     | REMIC II | DC04M1MT1 | $5,467,631.52 |       | $19,908,312.07 |  | $842,577,122.12         | 
|200406                                     | REMIC II | DC04M1MT1 | $4,954,144.12 |       | $25,844,489.92 |  | $816,732,632.20         | 
|200407                                     | REMIC II | DC04M1MT1 | $4,799,544.68 |       | $27,010,222.87 |  | $789,722,409.33         | 
|200408                                     | REMIC II | DC04M1MT1 | $4,638,299.87 |       | $35,016,089.80 |  | $754,706,319.53         | 
|200409                                     | REMIC II | DC04M1MT1 | $4,431,965.48 |       | $31,550,740.04 |  | $723,155,579.49         | 
|200410                                     | REMIC II | DC04M1MT1 | $4,241,203.52 |       | $39,037,062.52 |  | $684,118,516.97         | 
|200411                                     | REMIC II | DC04M1MT1 | $4,009,749.40 |       | $38,698,871.81 |  | $645,419,645.16         | 
|200412                                     | REMIC II | DC04M1MT1 | $3,780,546.88 |       | $43,045,688.49 |  | $602,373,956.67         | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $45,070,978.74          |  | $284,600,295.55 |  |           |  | 
|200403                                     | X        | DC04M1101 | $3,120,793.98 |       | $0.00          |  | $11,974,151.04          | 
|200404                                     | X        | DC04M1101 | $3,301,212.71 |       | $0.00          |  | $11,974,151.04          | 
|200405                                     | X        | DC04M1101 | $3,617,270.45 |       | $0.00          |  | $11,974,151.04          | 
|200406                                     | X        | DC04M1101 | $3,814,131.19 |       | $0.00          |  | $11,974,151.04          | 
|200407                                     | X        | DC04M1101 | $3,552,360.62 |       | $0.00          |  | $11,974,151.04          | 
|200408                                     | X        | DC04M1101 | $3,369,995.49 |       | $0.00          |  | $11,974,151.04          | 
|200409                                     | X        | DC04M1101 | $2,982,746.57 |       | $0.00          |  | $11,974,151.04          | 
|200410                                     | X        | DC04M1101 | $2,932,076.98 |       | $0.00          |  | $11,974,151.04          | 
|200411                                     | X        | DC04M1101 | $2,535,451.88 |       | $0.00          |  | $11,974,151.04          | 
|200412                                     | X        | DC04M1101 | $2,291,344.38 |       | $0.00          |  | $11,974,151.04          | 
|                                           |          |           |               |       |                |  |                         |  |                 |  |           |  |  |  |                | 
|                                           |          |           |               |       |                |  | $31,517,384.26          |  | $0.00           |  |           |  | 
|                                           |          |           |               |       |                |  | $138,986,668.12         |  | $853,800,885.47 |  |           |  |