Document:

exv10w4

 

KEY EMPLOYEE BONUS PLAN

Exhibit 10.4

The Key Employee Bonus Plan establishes a total bonus pool based on a portion of the before tax
profit that is in excess of the before tax profit required at the applicable U.S. corporate tax
rate to produce an 8% after tax return on the beginning fiscal year consolidated net equity.

The excess profit is defined as bonusable profit. The portion of this profit to be shared by
designated Key Employees is computed as follows:

	 	   	10% of first $800,000 of bonusable profit
	 
	 	   	+ 15% of $800,000 — $1,500,000 of bonusable profit
	 
	 	   	+ 20% of over $1,500,000 of bonusable profit
	 
	 	   	= Total Bonus

The bonus pool as calculated above is distributed to designated participants at percentages as
recommended by the Compensation Committee and approved by the Board of Directors. The total of
participant percentages is not required to equal 100%.

A list of plan participants and their respective percent share will be determined annually by the
Compensation Committee and the Chief Executive Officer will implement and administer.

The bonus is computed based on audited year-end results.

Profits realized from the sale of property or other assets are excluded from this bonus plan.

The maximum allowable bonus to a participant is 90% of the participant’s annual salary.

Unless provided for in separate employee agreements, bonuses will not be pro-rated should the
employee leave the Company prior to June 30 of each bonus year.

It is expected that the Plan will be continued indefinitely. However, the Company reserves the
right to alter, amend, modify, suspend, or terminate the Plan and contributions thereunder. Such
rights may be exercised by action of the Board of Directors at any time. Payment of bonuses under
this plan are at the discretion of the Board of Directors.

This Key Employee Incentive Bonus Plan is renewable by yearly affirmative action of the Board of
Directors.

	 
	By: /s/ Sherrill Stone

	Sherrill Stone

	Chief Executive Officer

	 

	January 4, 2005<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 2003-8
                         RECORD DATE: DECEMBER 31, 2004
                       DISTRIBUTION DATE: JANUARY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate                          Beginning
                        Class      Certificate Pass-     Certificate      Interest
Class      CUSIP     Description      Through Rate         Balance      Distribution
-----    ---------   -----------   -----------------   --------------   ------------
<S>      <C>         <C>           <C>                 <C>              <C>
 A-1     81743PDX1       SEN            2.73000%       673,287,944.00   1,531,730.06
 X-1     81743PDZ6        IO            0.67028%                 0.00     335,058.69
 A-2     81743PDY9       SEN            3.06000%       132,475,640.88     337,812.88
 X-2     81743PEA0        IO            0.16963%                 0.00     113,935.57
 B-1     81743PED4       SUB            3.00000%        14,166,000.00      35,415.00
 X-B     81743PEB8        IO            0.28549%                 0.00       3,927.10
 B-2     81743PEE2       SUB            3.66000%         8,304,000.00      25,327.20
 B-3     81743PEF9       SUB            3.45284%         4,884,000.00      14,053.06
 B-4     81743PEG7       SUB            3.45284%         2,443,000.00       7,029.41
 B-5     81743PEH5       SUB            3.45284%         1,465,000.00       4,215.34
 B-6     81743PEJ1       SUB            3.45284%         3,908,267.00      11,245.51
 A-R     81743PEC6       RES            2.56030%                 0.00           0.00
                                                       --------------   ------------
Totals                                                 840,933,851.88   2,419,749.82
                                                       ==============   ============
</TABLE>

<TABLE>
<CAPTION>
                                             Ending
           Principal        Current        Certificate        Total         Cumulative
Class    Distribution    Realized Loss       Balance       Distribution   Realized Loss
-----    -------------   -------------   --------------   -------------   -------------
<S>      <C>             <C>             <C>              <C>             <C>
 A-1     16,280,852.69        0.00       657,007,091.31   17,812,582.75        0.00
 X-1              0.00        0.00                 0.00      335,058.69        0.00
 A-2      4,139,518.22        0.00       128,336,122.66    4,477,331.10        0.00
 X-2              0.00        0.00                 0.00      113,935.57        0.00
 B-1              0.00        0.00        14,166,000.00       35,415.00        0.00
 X-B              0.00        0.00                 0.00        3,927.10        0.00
 B-2              0.00        0.00         8,304,000.00       25,327.20        0.00
 B-3              0.00        0.00         4,884,000.00       14,053.06        0.00
 B-4              0.00        0.00         2,443,000.00        7,029.41        0.00
 B-5              0.00        0.00         1,465,000.00        4,215.34        0.00
 B-6              0.00        0.00         3,908,267.00       11,245.51        0.00
 A-R              0.00        0.00                 0.00            0.00        0.00
         -------------        ----       --------------   -------------        ----
Totals   20,420,370.91        0.00       820,513,480.97   22,840,120.73        0.00
         =============        ====       ==============   =============        ====
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
<PAGE>
                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                             Beginning       Scheduled     Unscheduled
          Original Face     Certificate      Principal      Principal
Class        Amount           Balance      Distribution    Distribution   Accretion
-----    --------------   --------------   ------------   -------------   ---------
<S>      <C>              <C>              <C>            <C>             <C>
 A-1     791,768,000.00   673,287,944.00       0.00       16,280,852.69      0.00
 X-1               0.00             0.00       0.00                0.00      0.00
 A-2     150,000,000.00   132,475,640.88       0.00        4,139,518.22      0.00
 X-2               0.00             0.00       0.00                0.00      0.00
 B-1      14,166,000.00    14,166,000.00       0.00                0.00      0.00
 X-B               0.00             0.00       0.00                0.00      0.00
 B-2       8,304,000.00     8,304,000.00       0.00                0.00      0.00
 B-3       4,884,000.00     4,884,000.00       0.00                0.00      0.00
 B-4       2,443,000.00     2,443,000.00       0.00                0.00      0.00
 B-5       1,465,000.00     1,465,000.00       0.00                0.00      0.00
 B-6       3,908,267.00     3,908,267.00       0.00                0.00      0.00
 A-R             100.00             0.00       0.00                0.00      0.00
         --------------   --------------       ----       -------------      ----
Totals   976,938,367.00   840,933,851.88       0.00       20,420,370.91      0.00
         ==============   ==============       ====       =============      ====
</TABLE>

<TABLE>
<CAPTION>
                        Total           Ending          Ending
         Realized     Principal       Certificate    Certificate   Total Principal
Class    Loss (1)     Reduction         Balance       Percentage     Distribution
-----    --------   -------------   --------------   -----------   ---------------
<S>      <C>        <C>             <C>              <C>           <C>
 A-1       0.00     16,280,852.69   657,007,091.31    0.82979748    16,280,852.69
 X-1       0.00              0.00             0.00    0.00000000             0.00
 A-2       0.00      4,139,518.22   128,336,122.66    0.85557415     4,139,518.22
 X-2       0.00              0.00             0.00    0.00000000             0.00
 B-1       0.00              0.00    14,166,000.00    1.00000000             0.00
 X-B       0.00              0.00             0.00    0.00000000             0.00
 B-2       0.00              0.00     8,304,000.00    1.00000000             0.00
 B-3       0.00              0.00     4,884,000.00    1.00000000             0.00
 B-4       0.00              0.00     2,443,000.00    1.00000000             0.00
 B-5       0.00              0.00     1,465,000.00    1.00000000             0.00
 B-6       0.00              0.00     3,908,267.00    1.00000000             0.00
 A-R       0.00              0.00             0.00    0.00000000             0.00
           ----     -------------   --------------   -----------    -------------
Totals     0.00     20,420,370.91   820,513,480.97    0.83988254    20,420,370.91
           ====     =============   ==============   ===========    =============
</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.

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT
<TABLE>
<CAPTION>
                           Beginning      Scheduled      Unscheduled
         Original Face    Certificate     Principal       Principal
Class       Amount          Balance      Distribution   Distribution    Accretion
-----   --------------   -------------   ------------   ------------   ----------
<S>     <C>              <C>             <C>            <C>           <C>
 A-1    791,768,000.00    850.36013580    0.00000000     20.56265559   0.00000000
 X-1              0.00      0.00000000    0.00000000      0.00000000   0.00000000
 A-2    150,000,000.00    883.17093920    0.00000000     27.59678813   0.00000000
 X-2              0.00      0.00000000    0.00000000      0.00000000   0.00000000
 B-1     14,166,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
 X-B              0.00      0.00000000    0.00000000      0.00000000   0.00000000
 B-2      8,304,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
 B-3      4,884,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
 B-4      2,443,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
 B-5      1,465,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
 B-6      3,908,267.00   1000.00000000    0.00000000      0.00000000   0.00000000
 A-R            100.00      0.00000000    0.00000000      0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>
                        Total         Ending          Ending
         Realized     Principal     Certificate    Certificate   Total Principal
Class    Loss (3)     Reduction       Balance       Percentage    Distribution
-----   ----------   -----------   -------------   -----------   ---------------
<S>     <C>          <C>           <C>             <C>           <C>
 A-1    0.00000000   20.56265559    829.79748021    0.82979748     20.56265559
 X-1    0.00000000    0.00000000      0.00000000    0.00000000      0.00000000
 A-2    0.00000000   27.59678813    855.57415107    0.85557415     27.59678813
 X-2    0.00000000    0.00000000      0.00000000    0.00000000      0.00000000
 B-1    0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
 X-B    0.00000000    0.00000000      0.00000000    0.00000000      0.00000000
 B-2    0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
 B-3    0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
 B-4    0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
 B-5    0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
 B-6    0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
 A-R    0.00000000    0.00000000      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.
<PAGE>
                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                           Beginning                    Payment of
                            Current      Certificate/       Current       Unpaid      Current
          Original Face   Certificate      Notional         Accrued      Interest     Interest
Class        Amount           Rate          Balance        Interest      Shortfall   Shortfall
-----    --------------   -----------   --------------   ------------   ----------   ---------
<S>      <C>              <C>           <C>              <C>            <C>          <C>
 A-1     791,768,000.00     2.73000%    673,287,944.00   1,531,730.07      0.00        0.00
 X-1               0.00     0.67028%    599,839,671.21     335,049.76      0.00        0.00
 A-2     150,000,000.00     3.06000%    132,475,640.88     337,812.88      0.00        0.00
 X-2               0.00     0.16963%    805,763,584.88     113,899.86      0.00        0.00
 B-1      14,166,000.00     3.00000%     14,166,000.00      35,415.00      0.00        0.00
 X-B               0.00     0.28549%     22,470,000.00       5,345.77      0.00        0.00
 B-2       8,304,000.00     3.66000%      8,304,000.00      25,327.20      0.00        0.00
 B-3       4,884,000.00     3.45284%      4,884,000.00      14,053.06      0.00        0.00
 B-4       2,443,000.00     3.45284%      2,443,000.00       7,029.41      0.00        0.00
 B-5       1,465,000.00     3.45284%      1,465,000.00       4,215.34      0.00        0.00
 B-6       3,908,267.00     3.45284%      3,908,267.00      11,245.51      0.00        0.00
 A-R             100.00     2.56030%              0.00           0.00      0.00        0.00
         --------------                                  ------------      ----        ----
Totals   976,938,367.00                                  2,421,123.86      0.00        0.00
         ==============                                  ============      ====        ====
</TABLE>

<TABLE>
<CAPTION>
            Non-                                 Remaining       Ending
         Supported                                 Unpaid     Certificate/
          Interest   Realized   Total Interest    Interest     Notational
Class    Shortfall   Loss (4)    Distribution    Shortfall       Balance
-----    ---------   --------   --------------   ---------   --------------
<S>      <C>         <C>        <C>              <C>         <C>
 A-1       0.01        0.00      1,531,730.06      0.00      657,007,091.31
 X-1       0.00        0.00        335,058.69      0.00      577,448,036.98
 A-2       0.00        0.00        337,812.88      0.00      128,336,122.66
 X-2       0.00        0.00        113,935.57      0.00      785,343,213.97
 B-1       0.00        0.00         35,415.00      0.00       14,166,000.00
 X-B       0.00        0.00          3,927.10      0.00       22,470,000.00
 B-2       0.00        0.00         25,327.20      0.00        8,304,000.00
 B-3       0.00        0.00         14,053.06      0.00        4,884,000.00
 B-4       0.00        0.00          7,029.41      0.00        2,443,000.00
 B-5       0.00        0.00          4,215.34      0.00        1,465,000.00
 B-6       0.00        0.00         11,245.51      0.00        3,908,267.00
 A-R       0.00        0.00              0.00      0.00                0.00
           ----        ----      -------------     ----
Totals     0.01        0.00      2,419,749.82      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.

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                           Payment of
                               Current         Beginning        Current      Unpaid       Current
             Original Face   Certificate    Certificate/        Accrued     Interest     Interest
Class (5)       Amount           Rate      Notional Balance    Interest     Shortfall    Shortfall
---------   --------------   -----------   ----------------   ----------   ----------   ----------
<S>         <C>              <C>           <C>                <C>          <C>          <C>
   A-1      791,768,000.00     2.73000%       850.36013580    1.93456931   0.00000000   0.00000000
   X-1                0.00     0.67028%       636.92934057    0.35576677   0.00000000   0.00000000
   A-2      150,000,000.00     3.06000%       883.17093920    2.25208587   0.00000000   0.00000000
   X-2                0.00     0.16963%       855.58607309    0.12094259   0.00000000   0.00000000
   B-1       14,166,000.00     3.00000%      1000.00000000    2.50000000   0.00000000   0.00000000
   X-B                0.00     0.28549%      1000.00000000    0.23790699   0.00000000   0.00000000
   B-2        8,304,000.00     3.66000%      1000.00000000    3.05000000   0.00000000   0.00000000
   B-3        4,884,000.00     3.45284%      1000.00000000    2.87736691   0.00000000   0.00000000
   B-4        2,443,000.00     3.45284%      1000.00000000    2.87736799   0.00000000   0.00000000
   B-5        1,465,000.00     3.45284%      1000.00000000    2.87736519   0.00000000   0.00000000
   B-6        3,908,267.00     3.45284%      1000.00000000    2.87736483   0.00000000   0.00000000
   A-R              100.00     2.56030%         0.00000000    0.00000000   0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>
                Non-                                   Remaining        Ending
             Supported                                   Unpaid      Certificate/
              Interest    Realized    Total Interest    Interest      Notational
Class (5)    Shortfall     Loss (6)     Distribution    Shortfall       Balance
---------   ----------   ----------   --------------   ----------   -------------
<S>         <C>          <C>          <C>              <C>          <C>
   A-1      0.00000001   0.00000000     1.93456929     0.00000000    829.79748021
   X-1      0.00000000   0.00000000     0.35577625     0.00000000    613.15317252
   A-2      0.00000000   0.00000000     2.25208587     0.00000000    855.57415107
   X-2      0.00000000   0.00000000     0.12098051     0.00000000    833.90305677
   B-1      0.00000000   0.00000000     2.50000000     0.00000000   1000.00000000
   X-B      0.00000000   0.00000000     0.17477081     0.00000000   1000.00000000
   B-2      0.00000000   0.00000000     3.05000000     0.00000000   1000.00000000
   B-3      0.00000000   0.00000000     2.87736691     0.00000000   1000.00000000
   B-4      0.00000000   0.00000000     2.87736799     0.00000000   1000.00000000
   B-5      0.00000000   0.00000000     2.87736519     0.00000000   1000.00000000
   B-6      0.00000000   0.00000000     2.87736483     0.00000000   1000.00000000
   A-R      0.00000000   0.00000000     0.00000000     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.
<PAGE>
                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
   Payments of Interest and Principal                          23,117,219.99
   Liquidations, Insurance Proceeds, Reserve Funds                      0.00
   Proceeds from Repurchased Loans                                      0.00
   Other Amounts (Servicer Advances)                                7,578.32
   Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
   Prepayment Penalties                                                 0.00
                                                               -------------
Total Deposits                                                 23,124,798.31

Withdrawals
   Reimbursement for Servicer Advances                             16,115.17
   Payment of Service Fee                                         268,562.14
   Payment of Interest and Principal                           22,840,120.73
                                                               -------------
Total Withdrawals (Pool Distribution Amount)                   23,124,798.31
Ending Balance                                                          0.00
                                                               =============
</TABLE>

                    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                                   264,708.12
Master Servicing Fee                                    3,854.29
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------
Net Servicing Fee                                     268,562.41
                                                      ==========
</TABLE>
<PAGE>
                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                  Beginning     Current      Current     Ending
          Account Type             Balance    Withdrawals   Deposits     Balance
-------------------------------   ---------   -----------   ---------   --------
<S>                               <C>         <C>           <C>         <C>
Class 1-A Companion Sub Account    4,000.00        23.81        23.81   4,000.00
Class 1-A NAS Sub Account          1,000.00         5.95         5.95   1,000.00
Class 2-A Companion Sub Account    2,000.00        11.90        11.90   2,000.00
Class 2-A NAS Sub Account            500.00         2.98         2.98     500.00
Class X-B Sub Account              2,500.00     1,448.43     1,448.43   2,500.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
            DELINQUENT                        BANKRUPTCY                       FORECLOSURE
---------------------------------   ------------------------------   ------------------------------
            No. of    Principal                 No. of   Principal               No. of   Principal
             Loans     Balance                   Loans    Balance                 Loans    Balance
            ------   ------------               ------   ---------               ------   ---------
<S>         <C>      <C>            <C>         <C>      <C>         <C>         <C>      <C>
0-29 Days     0              0.00   0-29 Days      0        0.00     0-29 Days      0        0.00
30 Days       8      1,928,323.44   30 Days        0        0.00     30 Days        0        0.00
60 Days       1        447,991.05   60 Days        0        0.00     60 Days        0        0.00
90 Days       0              0.00   90 Days        0        0.00     90 Days        0        0.00
120 Days      0.             0.00   120 Days       0        0.00     120 Days       0        0.00
150 Days      0.             0.00   150 Days       0        0.00     150 Days       0        0.00
180+ Days     1        100,000.00   180+ Days      0        0.00     180+ Days      0        0.00
              --     ------------                 --        ----                   --        ----
              10     2,476,314.49                  0        0.00                    0        0.00
              ==     ============                 ==        ====                   ==        ====
</TABLE>

<TABLE>
<CAPTION>
              REO                              TOTAL
------------------------------   ---------------------------------
            No. of   Principal               No. of     Principal
             Loans    Balance                 Loans      Balance
            ------   ---------               ------   ------------
<S>         <C>      <C>         <C>         <C>      <C>
0-29 Days      0        0.00     0-29 Days      0             0.00
30 Days        0        0.00     30 Days        8     1,928,323.44
60 Days        0        0.00     60 Days        1       447,991.05
90 Days        0        0.00     90 Days        0             0.00
120 Days       0        0.00     120 Days       0             0.00
150 Days       0        0.00     150 Days       0             0.00
180+ Days      0        0.00     180+ Days      1       100,000.00
              --        ----                   --     ------------
               0        0.00                   10     2,476,314.49
              ==        ====                   ==     ============
</TABLE>

<TABLE>
<CAPTION>
           DELINQUENT                         BANKRUPTCY                        FORECLOSURE
--------------------------------   --------------------------------   --------------------------------
             No. of    Principal                No. of    Principal                No. of    Principal
              Loans     Balance                  Loans     Balance                  Loans      Balance
            --------   ---------               --------   ---------               --------   ---------
<S>         <C>        <C>         <C>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     0.325600%  0.235014%   30 Days     0.000000%  0.000000%   30 Days     0.000000%  0.000000%
60 Days     0.040700%  0.054599%   60 Days     0.000000%  0.000000%   60 Days     0.000000%  0.000000%
90 Days     0.000000%  0.000000%   90 Days     0.000000%  0.000000%   90 Days     0.000000%  0.000000%
120 Days    0.000000%  0.000000%   120 Days    0.000000%  0.000000%   120 Days    0.000000%  0.000000%
150 Days    0.000000%  0.000000%   150 Days    0.000000%  0.000000%   150 Days    0.000000%  0.000000%
180+ Days   0.040700%  0.012187%   180+ Days   0.000000%  0.000000%   180+ Days   0.000000%  0.000000%
            --------   --------                --------   --------                --------   --------
            0.407000%  0.301801%               0.000000%  0.000000%               0.000000%  0.000000%
            ========   ========                ========   ========                ========   ========
</TABLE>

<TABLE>
<CAPTION>
               REO                                TOTAL
--------------------------------   --------------------------------
             No. of    Principal                No. of    Principal
              Loans     Balance                  Loans     Balance
            --------   ---------               --------   ---------
<S>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     0.000000%  0.000000%   30 Days     0.325600%  0.235014%
60 Days     0.000000%  0.000000%   60 Days     0.040700%  0.054599%
90 Days     0.000000%  0.000000%   90 Days     0.000000%  0.000000%
120 Days    0.000000%  0.000000%   120 Days    0.000000%  0.000000%
150 Days    0.000000%  0.000000%   150 Days    0.000000%  0.000000%
180+ Days   0.000000%  0.000000%   180+ Days   0.040700%  0.012187%
            --------   --------                --------   --------
            0.000000%  0.000000%               0.407000%  0.301801%
            ========   ========                ========   ========
</TABLE>

<TABLE>
<S>                                        <C>   <C>                                           <C>  <C>               <C>
Current Period Class A Insufficient Funds  0.00  Principal Balance of Contaminated Properties  .00  Periodic Advance  7,578.32
</TABLE>
<PAGE>
     SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT
                                   PERCENTAGE

<TABLE>
<CAPTION>
              Original $     Original%     Current $      Current %   Current Class %   Prepayment %
            -------------   ----------   -------------   ----------   ---------------   ------------
<S>          <C>            <C>          <C>             <C>          <C>               <C>
Class A     35,170,267.00   3.60004973%  35,170,267.00   4.28637284%     95.713627%       0.000000%
Class X-1   35,170,267.00   3.60004973%  35,170,267.00   4.28637284%      0.000000%       0.000000%
Class X-2   35,170,267.00   3.60004973%  35,170,267.00   4.28637284%      0.000000%       0.000000%
Class B-1   21,004,267.00   2.15000943%  21,004,267.00   2.55989298%      1.726480%      40.278341%
Class B-2   12,700,267.00   1.30000698%  12,700,267.00   1.54784379%      1.012049%      23.610853%
Class B-3    7,816,267.00   0.80007780%   7,816,267.00   0.95260677%      0.595237%      13.886730%
Class B-4    5,373,267.00   0.55001085%   5,373,267.00   0.65486639%      0.297740%       6.946208%
Class B-5    3,908,267.00   0.40005257%   3,908,267.00   0.47631966%      0.178547%       4.165450%
Class B-6            0.00   0.00000000%           0.00   0.00000000%      0.476320%      11.112418%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
          DELINQUENT                       BANKRUPTCY                       FORECLOSURE
------------------------------   ------------------------------   ------------------------------
POOL 1--1 MO LIBOR
            No. of   Principal               No. of   Principal               No. of   Principal
             Loans     Balance                Loans     Balance                Loans     Balance
            ------   ---------               ------   ---------               ------   ---------
<S>         <C>      <C>         <C>         <C>      <C>         <C>         <C>      <C>
0-29 Days     0         0.00     0-29 Days      0        0.00     0-29 Days      0        0.00
30 Days       0         0.00     30 Days        0        0.00     30 Days        0        0.00
60 Days       0         0.00     60 Days        0        0.00     60 Days        0        0.00
90 Days       0         0.00     90 Days        0        0.00     90 Days        0        0.00
120 Days      0         0.00     120 Days       0        0.00     120 Days       0        0.00
150 Days      0         0.00     150 Days       0        0.00     150 Days       0        0.00
180+ Days     0         0.00     180+ Days      0        0.00     180+ Days      0        0.00
             --         ----                   --        ----                   --        ----
              0         0.00                    0        0.00                    0        0.00
             ==         ====                   ==        ====                   ==        ====
</TABLE>

<TABLE>
<CAPTION>
              REO                             TOTAL
------------------------------   ------------------------------

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

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

<TABLE>
<CAPTION>
              REO                                TOTAL
--------------------------------   --------------------------------
             No. of    Principal                No. of    Principal
              Loans     Balance                  Loans      Balance
            --------   ---------               --------   ---------
<S>         <C>         <C>        <C>         <C>        <C>
0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%   0.000000%
30 Days     0.000000%   0.000000%  30 Days     0.000000%   0.000000%
60 Days     0.000000%   0.000000%  60 Days     0.000000%   0.000000%
90 Days     0.000000%   0.000000%  90 Days     0.000000%   0.000000%
120 Days    0.000000%   0.000000%  120 Days    0.000000%   0.000000%
150 Days    0.000000%   0.000000%  150 Days    0.000000%   0.000000%
180+ Days   0.000000%   0.000000%  180+ Days   0.000000%   0.000000%
            --------    --------               --------    --------
            0.000000%   0.000000%              0.000000%   0.000000%
            ========    ========               ========    ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
             DELINQUENT                          BANKRUPTCY                         FORECLOSURE
-----------------------------------   ---------------------------------   ----------------------------------
POOL 1--6 MO LIBOR
              No. of     Principal                  No. of    Principal                  No. of    Principal
              Loans       Balance                   Loans      Balance                   Loans      Balance
              ------   ------------                 ------    ---------                  ------    ---------
<S>         <C>        <C>            <C>         <C>         <C>         <C>          <C>         <C>
0-29 Days       0              0.00   0-29 Days       0          0.00      0-29 Days       0          0.00
30 Days         5      1,338,782.42     30 Days       0          0.00        30 Days       0          0.00
60 Days         1        447,991.05     60 Days       0          0.00        60 Days       0          0.00
90 Days         0              0.00     90 Days       0          0.00        90 Days       0          0.00
120 Days        0              0.00    120 Days       0          0.00       120 Days       0          0.00
150 Days        0              0.00    150 Days       0          0.00       150 Days       0          0.00
180+ Days       0              0.00   180+ Days       0          0.00      180+ Days       0          0.00
               --      ------------                  --          ----                     --          ----
                6      1,786,773.47                   0          0.00                      0          0.00
               ==      ============                  ==          ====                     ==          ====
</TABLE>

<TABLE>
<CAPTION>
               REO                                  TOTAL
---------------------------------   ------------------------------------

              No. of    Principal                 No. of      Principal
              Loans      Balance                  Loans        Balance
              ------    ---------                 ------    ------------
<S>         <C>         <C>         <C>         <C>         <C>
0-29 Days       0          0.00     0-29 Days       0               0.00
  30 Days       0          0.00       30 Days       5       1,338,782.42
  60 Days       0          0.00       60 Days       1         447,991.05
  90 Days       0          0.00       90 Days       0               0.00
 120 Days       0          0.00      120 Days       0               0.00
 150 Days       0          0.00      150 Days       0               0.00
180+ Days       0          0.00     180+ Days       0               0.00
               --          ----                    --       ------------
                0          0.00                     6       1,786,773.47
               ==          ====                    ==       ============
</TABLE>

<TABLE>
<CAPTION>
             DELINQUENT                          BANKRUPTCY                         FORECLOSURE
-----------------------------------   ---------------------------------   --------------------------------
             No. of      Principal                  No. of    Principal                 No. of   Principal
              Loans       Balance                   Loans      Balance                  Loans     Balance
            ---------  ------------               ---------   ---------               --------   ---------
<S>         <C>        <C>            <C>         <C>         <C>         <C>         <C>        <C>
0-29 Days   0.000000%      0.000000%  0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     0.274876%      0.230972%  30 Days     0.000000%   0.000000%     30 Days   0.000000%  0.000000%
60 Days     0.054975%      0.077289%  60 Days     0.000000%   0.000000%     60 Days   0.000000%  0.000000%
90 Days     0.000000%      0.000000%  90 Days     0.000000%   0.000000%     90 Days   0.000000%  0.000000%
120 Days    0.000000%      0.000000%  120 Days    0.000000%   0.000000%    120 Days   0.000000%  0.000000%
150 Days    0.000000%      0.000000%  150 Days    0.000000%   0.000000%    150 Days   0.000000%  0.000000%
180+ Days   0.000000%      0.000000%  180+ Days   0.000000%   0.000000%   180+ Days   0.000000%  0.000000%
            --------       --------               --------    --------                --------   --------
            0.329852%      0.308261%              0.000000%   0.000000%               0.000000%  0.000000%
            ========       ========               ========    ========                ========   ========
</TABLE>

<TABLE>
<CAPTION>
               REO                                  TOTAL
---------------------------------   ------------------------------------
              No. of    Principal                 No. of    Principal
              Loans      Balance                  Loans      Balance
            ---------   ---------               ---------   ---------
<S>         <C>         <C>         <C>         <C>         <C>
0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
  30 Days   0.000000%   0.000000%     30 Days   0.274876%   0.230972%
  60 Days   0.000000%   0.000000%     60 Days   0.054975%   0.077289%
  90 Days   0.000000%   0.000000%     90 Days   0.000000%   0.000000%
 120 Days   0.000000%   0.000000%    120 Days   0.000000%   0.000000%
 150 Days   0.000000%   0.000000%    150 Days   0.000000%   0.000000%
180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
            --------    --------                --------    --------
            0.000000%   0.000000%               0.329852%   0.308261%
            ========    ========                ========    ========
</TABLE>

<TABLE>
<CAPTION>
            DELINQUENT                          BANKRUPTCY                         FORECLOSURE
----------------------------------   --------------------------------   --------------------------------
POOL 2
              No. of     Principal                No. of    Principal                No. of    Principal
              Loans       Balance                  Loans     Balance                  Loans      Balance
            ---------   ----------               --------   ---------               --------   ---------
<S>         <C>         <C>          <C>         <C>        <C>         <C>         <C>        <C>
0-29 Days       0             0.00   0-29 Days       0         0.00     0-29 Days       0         0.00
  30 Days       3       589,541.02     30 Days       0         0.00       30 Days       0         0.00
  60 Days       0             0.00     60 Days       0         0.00       60 Days       0         0.00
  90 Days       0             0.00     90 Days       0         0.00       90 Days       0         0.00
 120 Days       0             0.00    120 Days       0         0.00      120 Days       0         0.00
 150 Days       0             0.00    150 Days       0         0.00      150 Days       0         0.00
180+ Days       1       100,000.00   180+ Days       0         0.00     180+ Days       0         0.00
               --       -----------                 --         -----                   --         ----
                4       689,541.02                   0         0.00                     0         0.00
               ==       ===========                 ==         =====                   ==         ====

<CAPTION>
               REO                               TOTAL
--------------------------------   ---------------------------------

             No. of    Principal                No. of     Principal
              Loans     Balance                  Loans      Balance
            --------   ---------               --------   ----------
<S>         <C>        <C>         <C>         <C>        <C>
0-29 Days       0         0.00     0-29 Days       0            0.00
  30 Days       0         0.00     30 Days         3      589,541.02
  60 Days       0         0.00     60 Days         0            0.00
  90 Days       0         0.00     90 Days         0            0.00
 120 Days       0         0.00     120 Days        0            0.00
 150 Days       0         0.00     150 Days        0            0.00
180+ Days       0         0.00     180+ Days       1      100,000.00
               --         ----                    --      -----------
                0         0.00                     4      689,541.02
               ==         ====                    ==      ===========
</TABLE>

<TABLE>
<CAPTION>
           DELINQUENT                          BANKRUPTCY                         FORECLOSURE
--------------------------------   --------------------------------   --------------------------------
             No. of    Principal                No. of    Principal                No. of    Principal
              Loans     Balance                  Loans     Balance                  Loans     Balance
            --------   ---------               --------   ---------               --------   ---------
<S>         <C>        <C>         <C>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
  30 Days   0.709220%  0.440157%     30 Days   0.000000%  0.000000%     30 Days   0.000000%  0.000000%
  60 Days   0.000000%  0.000000%     60 Days   0.000000%  0.000000%     60 Days   0.000000%  0.000000%
  90 Days   0.000000%  0.000000%     90 Days   0.000000%  0.000000%     90 Days   0.000000%  0.000000%
 120 Days   0.000000%  0.000000%    120 Days   0.000000%  0.000000%    120 Days   0.000000%  0.000000%
 150 Days   0.000000%  0.000000%    150 Days   0.000000%  0.000000%    150 Days   0.000000%  0.000000%
180+ Days   0.236407%  0.074661%   180+ Days   0.000000%  0.000000%   180+ Days   0.000000%  0.000000%
            --------   --------                --------   --------                --------   --------
            0.945626%  0.514818%               0.000000%  0.000000%               0.000000%  0.000000%
            ========   ========                ========   ========                ========   ========
</TABLE>

<TABLE>
<CAPTION>
               REO                               TOTAL
--------------------------------   ---------------------------------
             No. of    Principal                No. of    Principal
              Loans     Balance                  Loans     Balance
            --------   ---------               --------   ---------
<S>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
  30 Days   0.000000%  0.000000%     30 Days   0.709220%  0.440157%
  60 Days   0.000000%  0.000000%     60 Days   0.000000%  0.000000%
  90 Days   0.000000%  0.000000%     90 Days   0.000000%  0.000000%
 120 Days   0.000000%  0.000000%    120 Days   0.000000%  0.000000%
 150 Days   0.000000%  0.000000%    150 Days   0.000000%  0.000000%
180+ Days   0.000000%  0.000000%   180+ Days   0.236407%  0.074661%
            --------   --------                --------   --------
            0.000000%  0.000000%               0.945626%  0.514818%
            ========   ========                ========   ========
</TABLE>
<PAGE>
                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                              Mixed Arm
----------------------                                           --------------
<S>                                                              <C>
Weighted Average Gross Coupon                                          3.836327%
Weighted Average Net Coupon                                            3.458593%
Weighted Average Pass-Through Rate                                     3.453093%
Weighted Average Maturity (Stepdown Calculation)                            310

Beginning Scheduled Collateral Loan Count                                 2,512
Number of Loans Paid in Full                                                 55
Ending Scheduled Collateral Loan Count                                    2,457

Beginning Scheduled Collateral Balance                           840,933,852.83
Ending Scheduled Collateral Balance                              820,513,481.92
Ending Actual Collateral Balance at 31-Dec-2004                  820,513,454.08

Monthly P&I Constant                                               2,688,414.70
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realized Loss Amount                                                       0.00
Cumulative Realized Loss                                                   0.00

Class A Optimal Amount                                            22,737,415.05

Ending Scheduled Balance for Premium Loans                       820,513,481.92

Scheduled Principal                                                        0.00
Unscheduled Principal                                             20,420,370.91
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
             GROUP                POOL 1--1 MO LIBOR   POOL 1--6 MO LIBOR        POOL 2             TOTAL
-------------------------------   ------------------   ------------------   ----------------   --------------
<S>                               <C>                  <C>                  <C>                <C>
Collateral Description             1 Month LIBOR ARM    6 Month LIBOR ARM   6 MonthLIBOR ARM        Mixed ARM
Weighted Average Coupon Rate                3.669357             3.866439           3.838933         3.836327
Weighted Average Net Rate                   3.277596             3.491051           3.462206         3.458593
Pass-Through Rate                           3.272096             3.485551           3.456706         3.453093
Weighted Average Maturity                        295                  312                311              310
Record Date                               12/31/2004           12/31/2004         12/31/2004       12/31/2004
Principal and Interest Constant           333,948.53         1,912,738.38         441,727.79     2,688,414.70
Beginning Loan Count                             219                1,858                435            2,512
Loans Paid in Full                                 4                   39                 12               55
Ending Loan Count                                215                1,819                423            2,457
Beginning Scheduled Balance           109,212,121.73       593,643,429.20     138,078,301.90   840,933,852.83
Ending Scheduled Balance              106,945,240.79       579,629,457.45     133,938,783.68   820,513,481.92
Scheduled Principal                             0.00                 0.00               0.00             0.00
Unscheduled Principal                   2,266,880.94        14,013,971.75       4,139,518.22    20,420,370.91
Scheduled Interest                        333,948.53         1,912,738.38         441,727.79     2,688,414.70
Servicing Fee                              35,654.22           185,705.69          43,348.21       264,708.12
Master Servicing Fee                          500.56             2,720.87             632.86         3,854.29
Trustee Fee                                     0.00                 0.00               0.00             0.00
FRY Amount                                      0.00                 0.00               0.00             0.00
Special Hazard Fee                              0.00                 0.00               0.00             0.00
Other Fee                                       0.00                 0.00               0.00             0.00
Pool Insurance Fee                              0.00                 0.00               0.00             0.00
Spread 1                                        0.00                 0.00               0.00             0.00
Spread 2                                        0.00                 0.00               0.00             0.00
Spread 3                                        0.00                 0.00               0.00             0.00
Net Interest                              297,793.75         1,724,311.82         397,746.72     2,419,852.29
Realized Loss Amount                            0.00                 0.00               0.00             0.00
Cumulative Realized Loss                        0.00                 0.00               0.00             0.00
Percentage of Cumulative Losses                 0.00                 0.00               0.00             0.00
Prepayment Penalties                            0.00                 0.00               0.00             0.00
Special Servicing Fee                           0.00                 0.00               0.00             0.00
</TABLE>
<PAGE>
MISCELLANEOUS REPORTING

<TABLE>
<S>                                    <C>
Group Pool 1--1 Mo LIBOR
   Interest Transfer Amount                   0.00
   Principal Transfer Amount                  0.00
   Prorata Senior Percent               95.793217%
   Senior Percentage                   100.000000%
   Senior Prepayment Percentage        100.000000%
   Subordinate Percentage                0.000000%
   Subordinate Prepayment Percentage     0.000000%

Group Pool 1--6Mo LIBOR
   Interest Transfer Amount                   0.00
   Principal Transfer Amount                  0.00
   Prorata Senior Percent               95.942403%
   Senior Percentage                   100.000000%
   Senior Prepayment Percentage        100.000000%
   Subordinate Percentage                0.000000%
   Subordinate Prepayment Percentage     0.000000%
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}]]