<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 2005-1
                          RECORD DATE: OCTOBER 31, 2005
                      DISTRIBUTION DATE: NOVEMBER 21, 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  81744FGM#    SEN        4.23000%   215,911,874.62   761,089.36 12,177,298.75   0.00   203,734,575.87 12,938,388.11    0.00
 A-2  81744FGN1    SEN        4.10000%    76,447,122.08   261,194.33  1,839,850.87   0.00    74,607,271.21  2,101,045.20    0.00
 X-A  81744FGP6     IO        0.60969%             0.00   148,540.15          0.00   0.00             0.00    148,540.15    0.00
 X-B  81744FGS0     IO        0.23323%             0.00     1,703.67          0.00   0.00             0.00      1,703.67    0.00
 B-1  81744FGQ4    SUB        4.42000%     7,067,000.00    26,030.12          0.00   0.00     7,067,000.00     26,030.12    0.00
 B-2  81744FGR2    SUB        4.70000%     3,949,000.00    15,466.92          0.00   0.00     3,949,000.00     15,466.92    0.00
 B-3  81744FGU5    SUB        5.25000%     2,495,000.00    10,915.63          0.00   0.00     2,495,000.00     10,915.63    0.00
 B-4  81744FGV3    SUB        4.80642%     1,455,000.00     5,827.79          0.00   0.00     1,455,000.00      5,827.79    0.00
 B-5  81744FGW1    SUB        4.80642%       831,000.00     3,328.45          0.00   0.00       831,000.00      3,328.45    0.00
 B-6  81744FGX9    SUB        4.80642%     1,871,544.03     7,496.19          0.00   0.00     1,871,544.03      7,496.19    0.00
 A-R  81744FGT8    RES        3.94571%             0.00         0.23          0.00   0.00             0.00          0.23    0.00
                                         -------------- ------------ -------------   ----   -------------- -------------    ----
Totals                                   310,027,540.73 1,241,592.84 14,017,149.62   0.00   296,010,391.11 15,258,742.46    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>
                        Beginning     Scheduled    Unscheduled                        Total
       Original Face   Certificate    Principal     Principal             Realized   Principal
Class     Amount          Balance    Distribution Distribution  Accretion Loss (1)   Reduction
------ -------------- -------------- ------------ ------------- --------- -------- -------------
<S>    <C>            <C>            <C>          <C>           <C>       <C>      <C>
 A-1   298,055,000.00 215,911,874.62    0.00      12,177,298.75   0.00      0.00   12,177,298.75
 A-2   100,000,000.00  76,447,122.08    0.00       1,839,850.87   0.00      0.00    1,839,850.87
 X-A             0.00           0.00    0.00               0.00   0.00      0.00            0.00
 X-B             0.00           0.00    0.00               0.00   0.00      0.00            0.00
 B-1     7,067,000.00   7,067,000.00    0.00               0.00   0.00      0.00            0.00
 B-2     3,949,000.00   3,949,000.00    0.00               0.00   0.00      0.00            0.00
 B-3     2,495,000.00   2,495,000.00    0.00               0.00   0.00      0.00            0.00
 B-4     1,455,000.00   1,455,000.00    0.00               0.00   0.00      0.00            0.00
 B-5       831,000.00     831,000.00    0.00               0.00   0.00      0.00            0.00
 B-6     1,871,544.03   1,871,544.03    0.00               0.00   0.00      0.00            0.00
 A-R           100.00           0.00    0.00               0.00   0.00      0.00            0.00
       -------------- --------------    ----      -------------   ----      ----   -------------
Totals 415,723,644.03 310,027,540.73    0.00      14,017,149.62   0.00      0.00   14,017,149.62
       -------------- --------------    ----      -------------   ----      ----   -------------

<CAPTION>
          Ending         Ending
        Certificate    Certificate Total Principal
Class     Balance      Percentage   Distribution
------  -------------- ----------- ---------------
<S>     <C>            <C>         <C>
 A-1    203,734,575.87  0.68354692  12,177,298.75
 A-2     74,607,271.21  0.74607271   1,839,850.87
 X-A              0.00  0.00000000           0.00
 X-B              0.00  0.00000000           0.00
 B-1      7,067,000.00  1.00000000           0.00
 B-2      3,949,000.00  1.00000000           0.00
 B-3      2,495,000.00  1.00000000           0.00
 B-4      1,455,000.00  1.00000000           0.00
 B-5        831,000.00  1.00000000           0.00
 B-6      1,871,544.03  1.00000000           0.00
 A-R              0.00  0.00000000           0.00
        --------------  ----------  -------------
Totals  296,010,391.11  0.71203646  14,017,149.62
        --------------  ----------  -------------
</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>
                           Beginning      Scheduled     Unscheduled
        Original Face     Certificate     Principal      Principal                   Realized    Total Principal
Class      Amount           Balance      Distribution   Distribution   Accretion     Loss (3)      Reduction
-----   --------------   -------------   ------------   ------------   ----------   ----------   ---------------
<S>     <C>              <C>             <C>            <C>            <C>          <C>          <C>
 A-1    298,055,000.00    724.40279351    0.00000000    40.85587811    0.00000000   0.00000000     40.85587811
 A-2    100,000,000.00    764.47122080    0.00000000    18.39850870    0.00000000   0.00000000     18.39850870
 X-A              0.00      0.00000000    0.00000000     0.00000000    0.00000000   0.00000000      0.00000000
 X-B              0.00      0.00000000    0.00000000     0.00000000    0.00000000   0.00000000      0.00000000
 B-1      7,067,000.00      0.00000000    0.00000000     0.00000000    0.00000000   0.00000000      0.00000000
 B-2      3,949,000.00      0.00000000    0.00000000     0.00000000    0.00000000   0.00000000      0.00000000
 B-3      2,495,000.00   1000.00000000    0.00000000     0.00000000    0.00000000   0.00000000      0.00000000
 B-4      1,455,000.00   1000.00000000    0.00000000     0.00000000    0.00000000   0.00000000      0.00000000
 B-5        831,000.00   1000.00000000    0.00000000     0.00000000    0.00000000   0.00000000      0.00000000
 B-6      1,871,544.03   1000.00000000    0.00000000     0.00000000    0.00000000   0.00000000      0.00000000
 A-R            100.00      0.00000000    0.00000000     0.00000000    0.00000000   0.00000000      0.00000000

<CAPTION>
           Ending         Ending
         Certificate    Certificate   Total Principal
Class     Balance       Percentage      Distribution
-----   -------------   -----------   ---------------
<S>     <C>             <C>           <C>
 A-1     683.54691540    0.68354692     40.85587811
 A-2     746.07271210    0.74607271     18.39850870
 X-A       0.00000000    0.00000000      0.00000000
 X-B       0.00000000    0.00000000      0.00000000
 B-1    1000.00000000    1.00000000      0.00000000
 B-2    1000.00000000    1.00000000      0.00000000
 B-3    1000.00000000    1.00000000      0.00000000
 B-4    1000.00000000    1.00000000      0.00000000
 B-5    1000.00000000    1.00000000      0.00000000
 B-6    1000.00000000    1.00000000      0.00000000
 A-R       0.00000000    0.00000000      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>
                                          Beginning                    Payment
                           Current      Certificate/      Current      of Unpaid    Current                Non-Supported
        Original Face    Certificate      Notional        Accrued      Interest    Interest    Interest      Realized
Class       Amount          Rate          Balance         Interest     Shortfall   Shortfall   Shortfall      Loss (4)
-----   --------------   -----------   --------------   ------------   ---------   ---------   ---------   -------------
<S>     <C>              <C>           <C>              <C>            <C>         <C>         <C>         <C>
 A-1    298,055,000.00    4.23000%     215,911,874.62     761,089.36      0.00       0.00        0.00          0.00
 A-2    100,000,000.00    4.10000%      76,447,122.08     261,194.33      0.00       0.00        0.00          0.00
 X-A              0.00    0.60969%     292,358,996.70     148,540.15      0.00       0.00        0.00          0.00
 X-B              0.00    0.23323%      13,511,000.00       2,625.94      0.00       0.00        0.00          0.00
 B-1      7,067,000.00    4.42000%       7,067,000.00      26,030.12      0.00       0.00        0.00          0.00
 B-2      3,949,000.00    4.70000%       3,949,000.00      15,466.92      0.00       0.00        0.00          0.00
 B-3      2,495,000.00    5.25000%       2,495,000.00      10,915.63      0.00       0.00        0.00          0.00
 B-4      1,455,000.00    4.80642%       1,455,000.00       5,827.79      0.00       0.00        0.00          0.00
 B-5        831,000.00    4.80642%         831,000.00       3,328.45      0.00       0.00        0.00          0.00
 B-6      1,871,544.03    4.80642%       1,871,544.03       7,496.19      0.00       0.00        0.00          0.00
 A-R            100.00    3.94571%               0.00           0.00      0.00       0.00        0.00          0.00
        --------------                                  ------------      ----       ----        ----          ----
Totals  415,723,644.03                                  1,242,514.88      0.00       0.00        0.00          0.00
        --------------                                  ------------      ----       ----        ----          ----

<CAPTION>
                          Remaining       Ending
                           Unpaid      Certificate/
         Total Interest   Interest      Notational
Class    Distribution     Shortfall      Balance
-----    --------------   ---------   --------------
<S>      <C>              <C>         <C>
 A-1        761,089.36       0.00     203,734,575.87
 A-2        261,194.33       0.00      74,607,271.21
 X-A        148,540.15       0.00     278,341,847.08
 X-B          1,703.67       0.00      13,511,000.00
 B-1         26,030.12       0.00       7,067,000.00
 B-2         15,466.92       0.00       3,949,000.00
 B-3         10,915.63       0.00       2,495,000.00
 B-4          5,827.79       0.00       1,455,000.00
 B-5          3,328.45       0.00         831,000.00
 B-6          7,496.19       0.00       1,871,544.03
 A-R              0.23       0.00               0.00
          ------------       ----
Totals    1,241,592.84       0.00
          ------------       ----
</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-Supported
                            Current       Beginning                           Unpaid      Current       Interest
Class   Original Face    Certificate     Certificate/     Current Accrued    Interest     Interest      Shortfall      Realized
 (5)        Amount          Rate       Notional Balance      Interest       Shortfall    Shortfall                     Loss (6)
-----   --------------   -----------   ----------------   ---------------   ----------   ----------   -------------   ----------
<S>     <C>              <C>           <C>                <C>               <C>          <C>          <C>             <C>
 A-1    298,055,000.00    4.23000%       724.40279351       2.55351985      0.00000000   0.00000000    0.00000000     0.00000000
 A-2    100,000,000.00    4.10000%       764.47122080       2.61194330      0.00000000   0.00000000    0.00000000     0.00000000
 X-A              0.00    0.60969%       734.46884652       0.37316489      0.00000000   0.00000000    0.00000000     0.00000000
 X-B              0.00    0.23323%      1000.00000000       0.19435571      0.00000000   0.00000000    0.00000000     0.00000000
 B-1      7,067,000.00    4.42000%      1000.00000000       3.68333381      0.00000000   0.00000000    0.00000000     0.00000000
 B-2      3,949,000.00    4.70000%      1000.00000000       3.91666751      0.00000000   0.00000000    0.00000000     0.00000000
 B-3      2,495,000.00    5.25000%      1000.00000000       4.37500200      0.00000000   0.00000000    0.00000000     0.00000000
 B-4      1,455,000.00    4.80642%      1000.00000000       4.00535395      0.00000000   0.00000000    0.00000000     0.00000000
 B-5        831,000.00    4.80642%      1000.00000000       4.00535499      0.00000000   0.00000000    0.00000000     0.00000000
 B-6      1,871,544.03    4.80642%      1000.00000000       4.00535060      0.00000000   0.00000000    0.00000000     0.00000000
 A-R            100.00    3.94571%         0.00000000       0.00000000      0.00000000   0.00000000    0.00000000     0.00000000

<CAPTION>
                         Remaining
                           Unpaid
Class   Total Interest    Interest    Ending Certificate/
 (5)     Distribution    Shortfall    Notational Balance
-----   --------------   ----------   -------------------
<S>     <C>              <C>          <C>
 A-1      2.55351985     0.00000000      683.54691540
 A-2      2.61194330     0.00000000      746.07271210
 X-A      0.37316489     0.00000000      699.25474389
 X-B      0.12609503     0.00000000     1000.00000000
 B-1      3.68333381     0.00000000     1000.00000000
 B-2      3.91666751     0.00000000     1000.00000000
 B-3      4.37500200     0.00000000     1000.00000000
 B-4      4.00535395     0.00000000     1000.00000000
 B-5      4.00535499     0.00000000     1000.00000000
 B-6      4.00535060     0.00000000     1000.00000000
 A-R      2.30000000     0.00000000        0.00000000
</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                                  15,358,923.89
        Liquidations, Insurance Proceeds, Reserve Funds                              0.00
        Proceeds from Repurchased Loans                                              0.00
        Other Amounts (Servicer Advances)                                            0.00
        Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
        Prepayment Penalties                                                         0.00
                                                                            -------------
Total Deposits                                                              15,358,923.89

Withdrawals
        Reimbursement for Servicer Advances                                          0.00
        Payment of Service Fee                                                 100,181.43
        Payment of Interest and Principal                                   15,258,742.46
                                                                            -------------
Total Withdrawals (Pool Distribution Amount)                                15,358,923.89

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                                                     96,951.98
Master Servicing Fee                                                     3,229.45
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      100,181.43
                                                                       ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                           Beginning      Current       Current     Ending
     Account Type           Balance     Withdrawals    Deposits    Balance
-----------------------    ---------    -----------    --------    --------
<S>                        <C>          <C>            <C>         <C>
X-A Pool 1 Reserve Fund     4,500.00       0.00          0.00      4,500.00
X-A Pool 2 Reserve Fund     4,500.00       0.00          0.00      4,500.00
X-B Reserve Fund            1,000.00     922.27        922.27      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        15      4,831,951.55
60 Days         0              0.00
90 Days         0              0.00
120 Days        1        160,196.23
150 Days        0              0.00
180+ Days       0              0.00
               --      ------------
               16      4,992,147.78
</TABLE>

<TABLE>
<CAPTION>
             No. of     Principal
              Loans      Balance
<S>         <C>         <C>
0-29 Days   0.000000%   0.000000%
30 Days     1.672241%   1.632357%
60 Days     0.000000%   0.000000%
90 Days     0.000000%   0.000000%
120 Days    0.111483%   0.054118%
150 Days    0.000000%   0.000000%
180+ Days   0.000000%   0.000000%
            --------    --------
            1.783724%   1.686475%
</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
<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>

                                      TOTAL

<TABLE>
<CAPTION>
            No. of      Principal
             Loans       Balance
<S>         <C>        <C>
0-29 Days      0               0.00
30 Days       15       4,831,951.55
60 Days        0               0.00
90 Days        0               0.00
120 Days       1         160,196.23
150 Days       0               0.00
180+ Days      0               0.00
              --       ------------
              16       4,992,147.78
</TABLE>

<TABLE>
<CAPTION>
            No. of     Principal
             Loans      Balance
<S>        <C>         <C>
0-29 Days   0.000000%  0.000000%
30 Days     1.672241%  1.632357%
60 Days     0.000000%  0.000000%
90 Days     0.000000%  0.000000%
120 Days    0.111483%  0.054118%
150 Days    0.000000%  0.000000%
180+ Days   0.000000%  0.000000%
            --------   --------
            1.783724%  1.686475%
</TABLE>

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

<TABLE>
<CAPTION>
             Original $      Original%      Current $      Current %    Current Class %   Prepayment %
            -------------   -----------   -------------   -----------   ---------------   ------------
<S>         <C>             <C>           <C>             <C>           <C>               <C>
Class A     17,668,544.03   4.25006956%   17,668,544.03   5.96889317%     94.031107%        0.000000%
Class B-1   10,601,544.03   2.55014219%   10,601,544.03   3.58147698%      2.387416%       39.997636%
Class B-2    6,652,544.03   1.60023230%    6,652,544.03   2.24740220%      1.334075%       22.350455%
Class B-3    4,157,544.03   1.00007399%    4,157,544.03   1.40452638%      0.842876%       14.121141%
Class B-4    2,702,544.03   0.65008187%    2,702,544.03   0.91298958%      0.491537%        8.234974%
Class B-5    1,871,544.03   0.45018946%    1,871,544.03   0.63225619%      0.280733%        4.703274%
Class B-6            0.00   0.00000000%            0.00   0.00000000%      0.632256%       10.592520%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                   DELINQUENT

GROUP ONE

<TABLE>
<CAPTION>
            No. of    Principal
            Loans      Balance
<S>         <C>      <C>
0-29 Days     0              0.00
30 Days      10      3,695,547.47
60 Days       0              0.00
90 Days       0              0.00
120 Days      1        160,196.23
150 Days      0              0.00
180+ Days     0              0.00
             --      ------------
             11      3,855,743.70
</TABLE>

<TABLE>
<CAPTION>
              No. of    Principal
              Loans      Balance
<S>         <C>         <C>
0-29 Days   0.000000%   0.000000%
30 Days     1.533742%   1.703294%
60 Days     0.000000%   0.000000%
90 Days     0.000000%   0.000000%
120 Days    0.153374%   0.073835%
150 Days    0.000000%   0.000000%
180+ Days   0.000000%   0.000000%
            --------    --------
            1.687117%   1.777129%
</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
<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>

                                      TOTAL

<TABLE>
<CAPTION>
            No. of    Principal
            Loans      Balance
<S>         <C>      <C>
0-29 Days      0             0.00
30 Days       10     3,695,547.47
60 Days        0             0.00
90 Days        0             0.00
120 Days       1       160,196.23
150 Days       0             0.00
180+ Days      0             0.00
              --     ------------
              11     3,855,743.70
</TABLE>

<TABLE>
<CAPTION>
             No. of     Principal
             Loans       Balance
<S>         <C>         <C>
0-29 Days   0.000000%   0.000000%
30 Days     1.533742%   1.703294%
60 Days     0.000000%   0.000000%
90 Days     0.000000%   0.000000%
120 Days    0.153374%   0.073835%
150 Days    0.000000%   0.000000%
180+ Days   0.000000%   0.000000%
            --------    --------
            1.687117%   1.777129%
</TABLE>

                                   DELINQUENT

GROUP TWO

<TABLE>
<CAPTION>
            No. of    Principal
            Loans      Balance
<S>         <C>      <C>
0-29 Days     0              0.00
30 Days       5      1,136,404.08
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
             --      ------------
              5      1,136,404.08
</TABLE>

<TABLE>
<CAPTION>
             No. of     Principal
             Loans       Balance
<S>         <C>         <C>
0-29 Days   0.000000%   0.000000%
30 Days     2.040816%   1.437649%
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%
            --------    --------
            2.040816%   1.437649%
</TABLE>

                                   BANKRUPTCY
                                    1.183654%

<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
<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>

                                      TOTAL

<TABLE>
<CAPTION>
            No. of    Principal
            Loans      Balance
<S>         <C>      <C>
0-29 Days     0              0.00
30 Days       5      1,136,404.08
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
             --      ------------
              5      1,136,404.08
</TABLE>

<TABLE>
<CAPTION>
              No. of    Principal
              Loans      Balance
<S>         <C>         <C>
0-29 Days   0.000000%   0.000000%
30 Days     2.040816%   1.437649%
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%
            --------    --------
            2.040816%   1.437649%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                        Mixed ARM
<S>                                                         <C>
Weighted Average Gross Coupon                                     5.193503%
Weighted Average Net Coupon                                       4.818238%
Weighted Average Pass-Through Rate                                4.805738%
Weighted Average Maturity (Stepdown Calculation)                       326

Beginning Scheduled Collateral Loan Count                              942
Number of Loans Paid in Full                                            45
Ending Scheduled Collateral Loan Count                                 897

Beginning Scheduled Collateral Balance                      310,027,540.73
Ending Scheduled Collateral Balance                         296,010,391.11
Ending Actual Collateral Balance at 31-Oct-2005             296,010,799.41

Monthly P&I Constant                                          1,341,774.15
Special Servicing Fee                                                 0.00
Prepayment Penalties                                                  0.00
Realization Loss Amount                                               0.00
Cumulative Realized Loss                                              0.00

Class A Optimal Amount                                       15,187,051.19

Scheduled Principal                                                   0.00
Unscheduled Principal                                        14,017,149.62
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                             <C>
Pro Rata Senior Percent                         94.300976%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
       GROUP                          POOL ONE           POOL TWO             TOTAL
<S>                                <C>               <C>                  <C>
Collateral Description               Mixed ARM       6 Month LIBOR ARM       Mixed ARM
Weighted Average Coupon Rate             5.211905             5.141371%         5.193503
Weighted Average Net Rate                4.836729             4.765858%         4.818238
Pass-Through Rate                        4.824229             4.753358%         4.805738
Weighted Average Maturity                     325                  330               326
Record Date                            10/31/2005           10/31/2005        10/31/2005
Principal and Interest Constant        995,220.62           346,553.53      1,341,774.15
Beginning Loan Count                          691                  251               942
Loans Paid in Full                             39                    6                85
Ending Loan Count                             652                  245               897
Beginning Scheduled Balance        229,141,680.60        80,885,860.13    310,027,540.73
Ending Scheduled Balance           216,964,381.85        79,046,009.26    296,010,391.11
Scheduled Principal                          0.00                 0.00              0.00
Unscheduled Principal               12,177,298.75         1,839,850.87     14,017,149.62
Scheduled Interest                     995,220.62           346,553.53      1,341,774.15
Servicing Fee                           71,640.53            25,311.45         96,951.98
Master Servicing Fee                     2,386.89               842.56          3,229.45
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                           921,193.20           320,399.52      1,241,592.72
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>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                        <C>
Group Pool One
One Month Libor Loan Balance               120,973,563.96
Six Month Libor Loan Balance                95,990,817.89
Senior Percent                                 100.000000%
Senior Prepayment Percent                      100.000000%
Subordinate Percent                              0.000000%
Subordinate Prepayment Percent                   0.000000%
Principal Transfer Amount                            0.00
Interest Transfer Amount                             0.00

Group Pool Two
Senior Percent                                 100.000000%
Senior Prepayment Percent                      100.000000%
Subordinate Percent                              0.000000%
Subordinate Prepayment Percent                   0.000000%
Principal Transfer Amount                            0.00
Interest Transfer Amount                             0.00
</TABLE>