<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: 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  81744FGY7     SEN       4.22000%   147,499,699.36   498,101.55  7,917,476.74   0.00   139,582,222.62  8,415,578.29    0.00
  A-2  81744FGZ4     SEN       4.29000%    82,958,205.53   293,458.74  4,058,727.42   0.00    78,899,478.11  4,352,186.16    0.00
  A-R  81744FHJ9     REZ       4.05603%             0.00         0.28          0.00   0.00             0.00          0.28    0.00
  X-A  81744FHD2      IO       0.73912%             0.00   137,569.51          0.00   0.00             0.00    137,569.51    0.00
  B-1  81744FHA8     SUB       4.39000%     6,016,000.00    21,381.32          0.00   0.00     6,016,000.00     21,381.32    0.00
  B-2  81744FHB6     SUB       4.67000%     3,266,000.00    12,347.96          0.00   0.00     3,266,000.00     12,347.96    0.00
  X-B  81744FHE0      IO       0.49315%             0.00     3,705.80          0.00   0.00             0.00      3,705.80    0.00
  B-3  81744FHC4     SUB       4.98167%     1,890,000.00     7,622.53          0.00   0.00     1,890,000.00      7,622.53    0.00
  B-4  81744FHF7     SUB       4.98167%     1,231,000.00     4,964.73          0.00   0.00     1,231,000.00      4,964.73    0.00
  B-5  81744FHG5     SUB       4.98167%       687,000.00     2,770.73          0.00   0.00       687,000.00      2,770.73    0.00
  B-6  81744FHH3     SUB       4.98167%     1,549,605.55     6,249.69          0.00   0.00     1,549,605.55      6,249.69    0.00
                                          --------------   ---------- -------------   ----   -------------- -------------    ----
Totals                                    245,097,510.44   988,172.84 11,976,204.16   0.00   233,121,306.28 12,964,377.00    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         Ending       Ending
        Original Face   Certificate    Principal     Principal              Realized   Principal     Certificate  Certificate
Class       Amount        Balance     Distribution  Distribution  Accretion Loss (1)   Reduction       Balance     Percentage
------ --------------- -------------- ------------ -------------- --------- -------- ------------- -------------- -----------
<S>    <C>             <C>            <C>          <C>            <C>       <C>      <C>           <C>            <C>
  A-1   202,462,000.00 147,499,699.36      0.00     7,917,476.74     0.00     0.00    7,917,476.74 139,582,222.62 0.68942430
  A-2   126,737,000.00  82,958,205.53      0.00     4,058,727.42     0.00     0.00    4,058,727.42  78,899,478.11 0.62254494
  A-R           100.00           0.00      0.00             0.00     0.00     0.00            0.00           0.00 0.00000000
  X-A             0.00           0.00      0.00             0.00     0.00     0.00            0.00           0.00 0.00000000
  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
  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
  X-B             0.00           0.00      0.00             0.00     0.00     0.00            0.00           0.00 0.00000000
  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
  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
  B-5       687,000.00     687,000.00      0.00             0.00     0.00     0.00            0.00     687,000.00 1.00000000
  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
        -------------- --------------      ----    -------------     ----     ----   ------------- -------------- ----------
Totals  343,838,705.55 245,097,510.44      0.00    11,976,204.16     0.00     0.00   11,976,204.16 233,121,306.28 0.67799611
        -------------- --------------      ----    -------------     ----     ----   ------------- -------------- ----------

<CAPTION>
           Total Principal
Class        Distribution
------     ---------------
<S>        <C>
  A-1        7,917,476.74
  A-2        4,058,727.42
  A-R                0.00
  X-A                0.00
  B-1                0.00
  B-2                0.00
  X-B                0.00
  B-3                0.00
  B-4                0.00
  B-5                0.00
  B-6                0.00
            -------------
Totals      11,976,204.16
            -------------
</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                                                Ending
       Original Face    Certificate      Principal    Principal                 Realized   Total Principal   Certificate
Class     Amount          Balance      Distribution  Distribution  Accretion    Loss (3)      Reduction        Balance
-----  --------------   -------------  ------------  ------------  ----------  ----------  ---------------  -------------
<S>    <C>              <C>            <C>           <C>           <C>         <C>         <C>              <C>
 A-1   202,462,000.00    728.53028894   0.00000000    39.10598898  0.00000000  0.00000000    39.10598898     689.42429997
 A-2   126,737,000.00    654.56974309   0.00000000    32.02480270  0.00000000  0.00000000    32.02480270     622.54494039
 A-R           100.00      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
 B-1     6,016,000.00   1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000    1000.00000000
 B-2     3,266,000.00   1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000    1000.00000000
 X-B             0.00      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
 B-4     1,231,000.00   1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000    1000.00000000
 B-5       687,000.00   1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000    1000.00000000
 B-6     1,549,605.55   1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000    1000.00000000

<CAPTION>
          Ending
       Certificate   Total Principal
Class   Percentage     Distribution
-----  -----------   ---------------
<S>    <C>           <C>
 A-1    0.68942430     39.10598898
 A-2    0.62254494     32.02480270
 A-R    0.00000000      0.00000000
 X-A    0.00000000      0.00000000
 B-1    1.00000000      0.00000000
 B-2    1.00000000      0.00000000
 X-B    0.00000000      0.00000000
 B-3    1.00000000      0.00000000
 B-4    1.00000000      0.00000000
 B-5    1.00000000      0.00000000
 B-6    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>
                                         Beginning                  Payment of
                           Current     Certificate/      Current      Unpaid     Current   Non-Supported
         Original Face   Certificate     Notional        Accrued     Interest    Interest     Interest    Realized  Total Interest
 Class       Amount         Rate          Balance       Interest    Shortfall   Shortfall    Shortfall    Loss (4)   Distribution
-------  --------------  -----------  --------------  ------------  ----------  ---------  -------------  --------  --------------
<S>      <C>             <C>          <C>             <C>           <C>         <C>        <C>            <C>       <C>
   A-1   202,462,000.00    4.22000%   147,499,699.36    518,707.28     0.00        0.00      20,605.72      0.00        498,101.55
   A-2   126,737,000.00    4.29000%    82,958,205.53    296,575.58     0.00        0.00       3,116.84      0.00        293,458.74
   A-R           100.00    4.05603%             0.00          0.00     0.00        0.00           0.00      0.00              0.28
   X-A             0.00    0.73912%   230,457,904.89    141,946.91     0.00        0.00       4,377.39      0.00        137,569.51
   B-1     6,016,000.00    4.39000%     6,016,000.00     22,008.53     0.00        0.00         627.21      0.00         21,381.32
   B-2     3,266,000.00    4.67000%     3,266,000.00     12,710.18     0.00        0.00         362.22      0.00         12,347.96
   X-B             0.00    0.49315%     9,282,000.00      3,814.51     0.00        0.00         108.71      0.00          3,705.80
   B-3     1,890,000.00    4.98167%     1,890,000.00      7,846.13     0.00        0.00         223.60      0.00          7,622.53
   B-4     1,231,000.00    4.98167%     1,231,000.00      5,110.36     0.00        0.00         145.64      0.00          4,964.73
   B-5       687,000.00    4.98167%       687,000.00      2,852.01     0.00        0.00          81.28      0.00          2,770.73
   B-6     1,549,605.55    4.98167%     1,549,605.55      6,433.02     0.00        0.00         183.33      0.00          6,249.69
         --------------                               ------------     ----        ----      ---------      ----        ----------
 Totals  343,838,705.55                               1,018,004.51     0.00        0.00      29,831.94      0.00        988,172.84
         --------------                               ------------     ----        ----      ---------      ----        ----------

<CAPTION>
         Remaining        Ending
           Unpaid      Certificate/
           Interest     Notational
 Class    Shortfall      Balance
-------  ----------  --------------
<S>      <C>         <C>
   A-1      0.00     139,582,222.62
   A-2      0.00      78,899,478.11
   A-R      0.00               0.00
   X-A      0.00     218,481,700.73
   B-1      0.00       6,016,000.00
   B-2      0.00       3,266,000.00
   X-B      0.00       9,282,000.00
   B-3      0.00       1,890,000.00
   B-4      0.00       1,231,000.00
   B-5      0.00         687,000.00
   B-6      0.00       1,549,605.55
            ----
 Totals     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-
                          Current       Beginning                         Unpaid     Current     Supported
Class   Original Face   Certificate    Certificate/    Current 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    4.22000%      728.53028894      2.56199820    0.00000000  0.00000000   0.10177574   0.00000000
 A-2    126,737,000.00    4.29000%      654.56974309      2.34008679    0.00000000  0.00000000   0.02459298   0.00000000
 A-R            100.00    4.05603%        0.00000000      0.00000000    0.00000000  0.00000000   0.00000000   0.00000000
 X-A              0.00    0.73912%      700.05651563      0.43118876    0.00000000  0.00000000   0.01329709   0.00000000
 B-1      6,016,000.00    4.39000%     1000.00000000      3.65833278    0.00000000  0.00000000   0.10425698   0.00000000
 B-2      3,266,000.00    4.67000%     1000.00000000      3.89166565    0.00000000  0.00000000   0.11090631   0.00000000
 X-B              0.00    0.49315%     1000.00000000      0.41095777    0.00000000  0.00000000   0.01171192   0.00000000
 B-3      1,890,000.00    4.98167%     1000.00000000      4.15139153    0.00000000  0.00000000   0.11830688   0.00000000
 B-4      1,231,000.00    4.98167%     1000.00000000      4.15138911    0.00000000  0.00000000   0.11831032   0.00000000
 B-5        687,000.00    4.98167%     1000.00000000      4.15139738    0.00000000  0.00000000   0.11831150   0.00000000
 B-6      1,549,605.55    4.98167%     1000.00000000      4.15139195    0.00000000  0.00000000   0.11830753   0.00000000

<CAPTION>
                        Remaining
                          Unpaid
Class   Total Interest   Interest   Ending Certificate/
 (5)     Distribution   Shortfall   Notational Balance
-----   --------------  ----------  -------------------
<S>     <C>             <C>         <C>
 A-1      2.46022241    0.00000000      689.42429997
 A-2      2.31549382    0.00000000      622.54494039
 A-R      2.80000000    0.00000000        0.00000000
 X-A      0.41789164    0.00000000      663.67668410
 B-1      3.55407580    0.00000000     1000.00000000
 B-2      3.78075934    0.00000000     1000.00000000
 X-B      0.39924585    0.00000000     1000.00000000
 B-3      4.03308466    0.00000000     1000.00000000
 B-4      4.03308692    0.00000000     1000.00000000
 B-5      4.03308588    0.00000000     1000.00000000
 B-6      4.03308442    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                         13,012,050.28
         Liquidations, Insurance Proceeds, Reserve Funds                     0.00
         Proceeds from Repurchased Loans                                     0.00
         Other Amounts (Servicer Advances)                              33,641.10
         Realized Losses (Gains, Subsequent Expenses & Recoveries)           0.00
         Prepayment Penalties                                                0.00
                                                                    -------------
Total Deposits                                                      13,045,691.38

Withdrawals
         Reimbursement for Servicer Advances                                 0.00
         Payment of Service Fee                                         81,314.38
         Payment of Interest and Principal                          12,964,377.00
                                                                    -------------
Total Withdrawals (Pool Distribution Amount)                        13,045,691.38

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   29,831.94
                                                          =========
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                   <C>
Gross Servicing Fee                                   77,740.04
Master Servicing Fee                                   3,574.34
Supported Prepayment/Curtailment Interest Shortfall        0.00
                                                      ---------

Net Servicing Fee                                     81,314.38
                                                      =========
</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           16       7,093,552.60
60 Days            2         715,396.37
90 Days            1         174,844.15
120 Days           0               0.00
150 Days           0               0.00
180+ Days          0               0.00
                  --       ------------
                  19       7,983,793.12
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        2.450230%    3.042842%
60 Days        0.306279%    0.306876%
90 Days        0.153139%    0.075001%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               2.909648%    3.424718%
</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         16        7,093,552.60
60 Days          2          715,396.37
90 Days          1          174,844.15
120 Days         0                0.00
150 Days         0                0.00
180+ Days        0                0.00
                --        ------------
                19        7,983,793.12
</TABLE>

<TABLE>
<CAPTION>
               No. of      Principal
               Loans        Balance
<S>          <C>           <C>
0-29 Days    0.000000%     0.000000%
30 Days      2.450230%     3.042842%
60 Days      0.306279%     0.306876%
90 Days      0.153139%     0.075001%
120 Days     0.000000%     0.000000%
150 Days     0.000000%     0.000000%
180+ Days    0.000000%     0.000000%
             --------      --------
             2.909648%     3.424718%
</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    14,639,605.55  4.25769563%  14,639,605.55  6.27982306%     93.720177%      0.000000%
Class B-1   8,623,605.55  2.50803805%   8,623,605.55  3.69919236%      2.580631%     41.094003%
Class B-2   5,357,605.55  1.55817407%   5,357,605.55  2.29820501%      1.400987%     22.309344%
Class B-3   3,467,605.55  1.00849773%   3,467,605.55  1.48746831%      0.810737%     12.910184%
Class B-4   2,236,605.55  0.65048103%   2,236,605.55  0.95941705%      0.528051%      8.408697%
Class B-5   1,549,605.55  0.45067804%   1,549,605.55  0.66472069%      0.294696%      4.692749%
Class B-6           0.00  0.00000000%           0.00  0.00000000%      0.664721%     10.585023%
</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            8       3,084,097.77
60 Days            2         715,396.37
90 Days            0               0.00
120 Days           0               0.00
150 Days           0               0.00
180+ Days          0               0.00
                  --       ------------
                  10       3,799,494.14
</TABLE>

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        2.000000%    2.075476%
60 Days        0.500000%    0.481434%
90 Days        0.000000%    0.000000%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               2.500000%    2.556910%
</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          8        3,084,097.77
60 Days          2          715,396.37
90 Days          0                0.00
120 Days         0                0.00
150 Days         0                0.00
180+ Days        0                0.00
                --        ------------
                10        3,799,494.14
</TABLE>

<TABLE>
<CAPTION>
               No. of      Principal
               Loans        Balance
<S>          <C>           <C>
0-29 Days    0.000000%     0.000000%
30 Days      2.000000%     2.075476%
60 Days      0.500000%     0.481434%
90 Days      0.000000%     0.000000%
120 Days     0.000000%     0.000000%
150 Days     0.000000%     0.000000%
180+ Days    0.000000%     0.000000%
             --------      --------
             2.500000%     2.556910%
</TABLE>

                                   DELINQUENT

GROUP TWO

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>             <C>        <C>
0-29 Days          0               0.00
30 Days            8       4,009,454.83
60 Days            0               0.00
90 Days            1         174,844.15
120 Days           0               0.00
150 Days           0               0.00
180+ Days          0               0.00
                  --       ------------
                   9       4,184,298.98
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        3.162055%    4.743485%
60 Days        0.000000%    0.000000%
90 Days        0.395257%    0.206854%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               3.557312%    4.950338%
</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          8       4,009,454.83
60 Days          0               0.00
90 Days          1         174,844.15
120 Days         0               0.00
150 Days         0               0.00
180+ Days        0               0.00
                --       ------------
                 9       4,184,298.98
</TABLE>

<TABLE>
<CAPTION>
               No. of     Principal
               Loans       Balance
<S>          <C>          <C>
0-29 Days    0.000000%    0.000000%
30 Days      3.162055%    4.743485%
60 Days      0.000000%    0.000000%
90 Days      0.395257%    0.206854%
120 Days     0.000000%    0.000000%
150 Days     0.000000%    0.000000%
180+ Days    0.000000%    0.000000%
             --------     --------
             3.557312%    4.950338%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                 Mixed ARM
<S>                                                 <C>
Weighted Average Gross Coupon                             5.306353%
Weighted Average Net Coupon                               4.925737%
Weighted Average Pass-Through Rate                        4.908237%
Weighted Average Maturity (Stepdown Calculation)               329

Beginning Scheduled Collateral Loan Count                      684
Number of Loans Paid in Full                                    31
Ending Scheduled Collateral Loan Count                         653

Beginning Scheduled Collateral Balance              245,097,510.44
Ending Scheduled Collateral Balance                 233,121,306.28
Ending Actual Collateral Balance at 31-Oct-2005     233,122,637.34

Monthly P&I Constant                                  1,083,811.67
Special Servicing Fee                                         0.00
Prepayment Penalties                                          0.00
Realization Loss Amount                                       0.00
Cumulative Realized Loss                                      0.00

Class A Optimal Amount                               12,933,433.93

Scheduled Principal                                           0.00
Unscheduled Principal                                11,976,204.16
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                              <C>
Pro Rata Senior Percent          94.027028%
Pro Rata Subordinate Percent      5.972972%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
              GROUP                   ONE            TWO             TOTAL
<S>                              <C>             <C>            <C>
Collateral Description                Mixed ARM      Mixed ARM       Mixed ARM
Weighted Average Coupon Rate           5.300613       5.316495        5.306353
Weighted Average Net Rate              4.922152       4.932073        4.925737
Pass-Through Rate                      4.904652       4.914572        4.908237
Weighted Average Maturity                   326            334             329
Record Date                          10/31/2005     10/31/2005      10/31/2005
Principal and Interest Constant      691,349.06     392,462.61    1,083,811.67
Beginning Loan Count                        421            263             684
Loans Paid in Full                           21             10              31
Ending Loan Count                           400            253             653
Beginning Scheduled Balance      156,513,752.31  88,583,758.13  245,097,510.44
Ending Scheduled Balance         148,596,275.57  84,525,030.71  233,121,306.28
Scheduled Principal                        0.00           0.00            0.00
Unscheduled Principal              7,917,476.74   4,058,727.42   11,976,204.16
Scheduled Interest                   691,349.06     392,462.61    1,083,811.67
Servicing Fee                         49,362.03      28,378.01       77,740.04
Master Servicing Fee                   2,282.49       1,291.85        3,574.34
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                         639,704.54     362,792.75    1,002,497.29
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 0ne
One Month Libor Loan Balance    92,487,274.24
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    56,109,001.33
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>