-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IuDgCEGRbD31dihPOFRl+83h4edQC6OzLTrKZxjxYzDeNxRISDZsUNSLyftJWLUu HYS0gtOnw/5i7SUEb5vDSA== 0001162318-05-000734.txt : 20050831 0001162318-05-000734.hdr.sgml : 20050831 20050831124428 ACCESSION NUMBER: 0001162318-05-000734 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050831 ITEM INFORMATION: Other Events FILED AS OF DATE: 20050831 DATE AS OF CHANGE: 20050831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HMB Acceptance Corp. CENTRAL INDEX KEY: 0001310613 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 201116280 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-121040 FILM NUMBER: 051060965 BUSINESS ADDRESS: STREET 1: 2002 SUMMIT BLVD., SUITE 100 CITY: ATLANTA STATE: GA ZIP: 30319 BUSINESS PHONE: (404) 497-1000 MAIL ADDRESS: STREET 1: 2002 SUMMIT BLVD., SUITE 100 CITY: ATLANTA STATE: GA ZIP: 30319 8-K 1 form8k.htm FORM 8-K FORM 8-K

                                                                                                              


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION


Washington, D.C.  20549

FORM 8-K


CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)

August 30, 2005

            HMB Acceptance Corp.            

(Exact Name of Registrant as Specified in its Charter)




          Delaware          

     333-121040  

          20-1116280          

(State or Other Jurisdiction

Of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)



2002 Summit Blvd., Suite 100

Atlanta, Georgia

 


          30319          

(Address of Principal

Executive Offices)

 

(Zip Code)


Registrant’s telephone number, including area code:  (404) 497-1000

                                                  None                                                  

(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[   ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 8.01.  Other Events. 1

Filed herewith are certain materials (the “Computational Materials”) furnished to the Registrant by Bear, Stearns & Co. Inc. as representative of the underwriters (the “Representative”), in respect of HomeBanc Mortgage Trust 2005-4, Class A-1, Class A-2, Class M-1, Class M-2, Class M-3 and Class M-4 Notes (the “Notes”). The Notes have been registered pursuant to the Securities Act of 1933, as amended under a Registration Statement on Form S-3 (No. 333-121040) (the “Registration Statement”).  The Computational Materials are incorporated by reference in the Registration Statement.

The Computational Materials were prepared solely by the Representative and the Registrant did not prepare or participate (other than providing the background information concerning the underlying pool of assets upon which the Computational Materials are based to the Representative) in the preparation of the Computational Materials.

Any statements or information contained in the Computational Materials shall be deemed to be modified or superseded for purposes of the Prospectus and the Registration Statement by statements or information contained in the Prospectus.










                                                   

1

Capitalized terms used but not otherwise defined herein shall have the same meanings ascribed to them in the Prospectus.  






Item 9.01.  Financial Statements and Exhibits.

(a)

Not applicable.

(b)

Not applicable.

(c)

Exhibits:

99.1

Computational Materials








SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HMB ACCEPTANCE CORP.




By: /s/ Alana L. Griffin                          

Name:  Alana L. Griffin

Title:    Senior Vice President





Dated:   August 31, 2005






EXHIBIT INDEX




Exhibit No.

Description

Page No.

99.1

Computational Materials

    

    







 EX-99 2 exhibit991.htm EXHIBIT 99.1 Exhibit 99.1


HomeBanc Mortgage Trust 2005-4

Publicly Offered Note Computational Materials: Term Sheet                                 




New Issue Marketing Materials


$ 1,077,455,000




HomeBanc Mortgage Trust 2005-4




HMB Acceptance Corp.

Depositor





Wells Fargo Bank, N.A.

Master Servicer





Bear, Stearns & Co. Inc.

J.P. Morgan Securities Inc.

KeyBanc Capital Markets

Underwriters






All Statistical Information based upon Information as of August 1, 2005.



COMPUTATIONAL MATERIALS DISCLAIMER


The attached tables and other statistical analyses (the “Computational Materials”) are privileged and intended for use by the addressee only.  These Computational Materials have been prepared by Bear, Stearns & Co. Inc. in reliance upon information furnished by the issuer of the securities and its affiliates.  These Computational Materials are furnished to you solely by Bear, Stearns & Co. Inc. and not by the issuer of the securities.  They may not be provided to any third party other than the addressee’s legal, tax, financial and/or accounting advisors for the purposes of evaluating said material.


Numerous assumptions were used in preparing the Computational Materials which may or may not be reflected therein.  As such, no assurance can be given as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance.  These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.


Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods.  In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the attached Computational Materials.  Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall.  The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical underlying assets used in preparing the Computational Materials.  The principal amount and designa tion of any security described in the Computational Materials are subject to change prior to issuance.  Neither Bear, Stearns & Co. Inc. nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities.


Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final prospectus supplement relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission.  The information in this communication is preliminary and is subject to completion or change.  The information in this communication supersedes information contained in any prior similar communication relating to these securities. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state.  Prospective purchasers are referred to the final prospectus supplement relating to the securities discussed in this communication for definitive Computational Materials and any matter discussed in this communication.  Once available, a final prospectus and prospectus supplement may be obtained by contacting the Bear, Stearns & Co. Inc. Trading Desk at (212) 272-4976.


Please be advised that the securities described herein may not be appropriate for all investors.  Potential investors must be willing to assume, among other things, market price volatility, prepayment, yield curve and interest rate risks.  Investors should make every effort to consider the risks of these securities.


If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail.


$ 1,077,455,000

HomeBanc Mortgage Trust 2005-4

Notes are priced to the Optional Clean-Up Call of 20%



Class


Size (1)

Expected

Rating

S&P/Mdys

Credit

Enhance

%age

(1)(2)

Note

Interest

Rate

Interest

Accrual

Basis


(4)

WAL (yrs)

Call/Maturity

(4)

Pmt. Win

(mos.)

Call/Maturity

Final

Scheduled

Maturity

Offered Notes

A-1

$ 932,897,800

AAA/Aaa

16.75%

Sr. Floater (3)

Act/360

2.67 / 3.25

1-68 / 1-209

10/25/2035

A-2

$ 112,059,800

AAA/Aaa

6.75%

Sr. Mezz. Floater (3)

Act/360

2.67 / 3.25

1-68 / 1-209

10/25/2035

M-1

$ 13,447,200

AA+/Aa1

5.55%

Sub. Floater (3)

Act/360

4.60 / 5.71

38-68 / 38-139

10/25/2035

M-2

$ 11,766,300

AA+/Aa2

4.50%

Sub. Floater (3)

Act/360

4.59 / 5.65

37-68 / 37-132

10/25/2035

M-3

$  7,283,900

AA+/Aa3

3.85%

Sub. Floater (3)

Act/360

4.59 / 5.59

37-68 / 37-125

10/25/2035

Non-Offered Securities

M-4

$ 11,766,300

AA/A2

2.80%

Sub. Floater (3)

Act/360

Not Offered Hereby

10/25/2035

M-5

$ 13,447,200

A/--

1.60%

Sub. Floater (3)

Act/360

10/25/2035

B-1

$ 12,326,600

BBB/--

0.50%

Sub. Floater (3)

Act/360

10/25/2035

B-2

$ 5,603,000

BB/--

0.00%

Sub. Floater (3)

Act/360

10/25/2035

Equity Cert

Notional

Not Offered Hereby

Ø

Prepayment Pricing Speed is 25% CPR.

Ø

Notes are subject to a variance of +/- 10%


(1)

The class sizes and credit enhancement levels are subject to change based upon the final pool and rating agency evaluation of subordination, overcollateralization (“OC”) and excess spread. It is anticipated that the sizes of the subordinated notes will change upon confirmation from the rating agencies. These classes are not being marketed at this time.


(2)

Credit enhancement for the Notes will be provided by a combination of subordination provided to the Class A-1 and Class A-2 Notes (collectively, the “Class A Notes”) by the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5. Class B-1 and Class B-2 Notes, OC and excess spread, all as more fully described herein. The Class A-2 Notes will provide additional credit enhancement to the Class A-1 Notes.  The expected initial credit enhancement percentages are as provided above.  The initial OC amount will equal 0.00% as of the Cut-Off Date with an Overcollateralization Target of 0.50% of the aggregate principal balance of the mortgage loans as of the Cut-Off Date.  


(3)

The Note Interest Rate for the Class A-1, Class A-2, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class B-1 and Class B-2 Notes will be the least of (a) a floating rate based on One-Month LIBOR plus [x.xx]%, [x.xx]%, [x.xx]%, [x.xx]%, [x.xx]%, [x.xx]%, [x.xx]%, [x.xx]% and [x.xx]%, respectively, (b) 11.500% per annum and (c) the Available Funds Rate. The Available Funds Rate will equal the product of (i) the quotient of (a) 360 divided by (b) the actual number of days in the accrual period, multiplied by (ii) the quotient of (a) the total interest received or advanced on the mortgage loans for the related collection period less Net Swap Payments and Swap Termination Payments not due to a Swap Provider Termination Event divided by (b) the aggregate principal balance  of the mortgage loans as of the first day of t he related collection period.  On the first Payment Date after the first possible Optional Clean-Up Call Date, the margin for the Class A Notes will increase to 2 times the original margin, and the margin for the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 , Class B-1 and Class B-2 Notes will increase to 1.5 times the original margin.


(4)

The WAL and Payment Windows are shown to the 20% Optional Termination and to Maturity at the Pricing Prepayment Speed of 25% CPR.  



Description of the Collateral:

The mortgage loans are first lien (95.4%) and second lien (4.6%) adjustable-rate mortgage loans secured by one- to four-family residential properties and individual condominium units. Approximately 99.1% of the mortgage loans have an initial fixed-rate period of six months, three years, five years or seven years while 0.9% of the deal are One-Month LIBOR ARMs. After the initial fixed rate period for these mortgage loans, the interest rate on each mortgage loan will adjust semi-annually based on Six-Month LIBOR plus a margin.  Approximately 0.9% of the mortgage loans adjust monthly based on One-Month LIBOR plus a margin.


Ø

All of the mortgage loans are interest-only for the first 10 years after origination and then fully amortize over the remaining term.

Ø

None of the mortgage loans have penalties for full or partial prepayments.

Ø

All Hybrid ARMs have an original term of 360 months, 1-Month ARMs have an original term of 300 months, while 6-Month ARMs have original terms of 300 months.

Ø

Approximately 66.7% of the mortgage loans were originated with full and/or alternative documentation (note: such alternative documentation includes the recommendations as provided by the automated underwriting systems of Fannie Mae and Freddie Mac).

Ø

4.6% of the mortgage loans are second liens which includes 2.9% of the mortgage loans that are second liens behind a first lien that is also included in this pool.

Ø

The two states with the largest concentration are Florida (57.9%) and Georgia (35.6%).

Ø

None of the mortgage loans that were originated between October 1, 2002 and March 7, 2003.

Ø

The non-zero weighted average FICO score is 727.

Ø

The weighted average LTV for the first lien mortgage loans at origination is 82.5%.

Ø

The weighted average CLTV for the mortgage loans at the time of origination is 86.7%.

Ø

Except for three loans, all of the first lien mortgage loans with LTVs greater than 80% have mortgage insurance. The mortgage loans with borrower-paid primary mortgage insurance (“BPMI”) (approximately 27.5%) are covered to the applicable agency limits, and the mortgage loans with lender-paid mortgage insurance (“LPMI”) (approximately 5.2%) covers down to at least 75% LTV. Unlike BPMI, the LPMI is not cancelable for any reason prior to the related mortgage loan being paid in full.

Ø

Approximately 63.4% of the mortgage loans have conforming balances based upon the loan size limits as set by Fannie Mae and Freddie Mac.


  Loan

% of

Gross

Net

WAM

Gross

Net

Periodic Cap

Max

Mos to Roll

Rem

Description

Pool

WAC

WAC

(mos.)

Margin

Margin

Rate

IO Term

1-Month LIBOR ARM

Uncapped  10Y IO

0.71%

5.211%

4.925%

299

2.132%

1.846%

0.000%

11.901%

1

119

6-Month LIBOR ARM

Uncapped  10Y IO

5.64%

7.013%

6.556%

256

3.531%

3.074%

0.000%

15.033%

5

119

6-Month LIBOR ARM-

10Y IO

0.68%

5.285%

4.963%

297

2.262%

1.940%

5.000%

11.641%

5

118

3/6  LIBOR Hybrid ARM-

Uncapped  10Y IO

11.21%

5.604%

5.354%

359

2.250%

2.000%

0.000%

12.751%

35

119

5/6  LIBOR Hybrid ARM-

Uncapped 10Y IO

62.44%

5.782%

5.391%

359

2.250%

1.859%

0.000%

12.802%

59

119

7/6  LIBOR Hybrid ARM-

10Y IO- Uncapped

19.32%

5.732%

5.392%

359

2.250%

1.910%

0.000%

12.863%

83

119

Totals:

100.00%

5.814%

5.446%

352

2.321%

1.953%

0.034%

12.920%

57

119


 Summary of Terms:

Depositor:

HMB Acceptance Corp.

Mortgage Loan Seller and Servicer:

HomeBanc Corp.

Sub Servicer:

HomeBanc Mortgage Corporation.

Master Servicer and Securities Administrator:

Wells Fargo Bank, N.A.

Originator:

HomeBanc Mortgage Corporation.

Underwriters:

Bear, Stearns & Co. Inc., J.P. Morgan Securities Inc. and KeyBanc Capital Markets.

Custodian:

JPMorgan Chase Bank, National Association.

Indenture Trustee:

U.S. Bank National Association.

Owner Trustee:

Wilmington Trust Company.

Rating Agencies:

Standard & Poor’s, a division of the McGraw-Hill Companies, Inc. and Moody’s Investors Service, Inc.

Cut-off Date:

August 1, 2005.

Settlement Date:

August 30, 2005.

Payment Date:

25th day of each month (or the next business day), commencing in September 2005.

Optional Clean-Up Call:

The holder of the Equity Certificate may repurchase from the trust all of the mortgage loans at par plus accrued interest when the aggregate principal balance of the mortgage loans is reduced to 20% of the aggregate principal balance of the mortgage loans as of the Cut-off Date. It is anticipated that HMB Acceptance Corp. will retain the Equity Certificate.

Registration:

The Offered Notes will be available in book-entry form through DTC.

Denominations:

The Offered Notes are issuable in minimum denominations of an original amount of $100,000 and multiples of $1,000 in excess thereof.  

Legal Structure:

Owner Trust.

Tax Status:

The Notes, other than those Notes retained by the Seller, are expected to be treated as debt instruments for federal income tax purposes.

ERISA Considerations:

The Offered Notes are expected to be eligible for purchase by ERISA plans.  A fiduciary of any benefit plan should very carefully review with its legal advisors whether the purchase or holding of any Notes to a transaction prohibited or not otherwise permissible under ERISA.

SMMEA Eligibility:

The Notes will not be “mortgage related securities” for purposes of the Secondary Mortgage Market Enhancement Act of 1984.

P&I Advances:

The Servicer will be obligated to advance, or cause to be advanced, cash advances with respect to delinquent payments of principal and interest on the mortgage loans to the extent that the Servicer reasonably believes that such cash advances can be repaid from future payments on the mortgage loans. These cash advances are only intended to maintain a regular flow of scheduled interest and principal payments on the Notes and are not intended to guarantee or insure against losses.  If the Servicer fails to make delinquency advances, the Master Servicer will be obligated to make such advances.

Net Mortgage Rate:

On any mortgage loan, the then applicable mortgage rate thereon minus the applicable servicing fee rate, which includes any applicable LPMI fee. All ongoing compensation for the Owner Trustee, Indenture Trustee and Custodian will be paid by the Master Servicer from float income generated by cash collections held by the Master Servicer from the Determination Date through the Payment Date.

Note Interest Rate:

For any class of Notes, a per annum rate equal to the least of (1) One-Month LIBOR plus the applicable margin, (ii) 11.500% and (iii) the Available Funds Rate.

Interest Distribution Amount:

On each Payment Date holders of the Notes will be entitled to receive the interest that has accrued on the Notes at the related Note Interest Rate (as described in the footnotes to the table on page 3) during the accrual period, and any interest due on a prior Payment Date that was not paid.  

The “accrual period” for all of the Notes will be the period from and including the preceding Payment Date (or from the Settlement Date with respect to the first Payment Date) to and including the day prior to the current Payment Date.  The trustee will calculate interest on the Notes on an actual/360 basis. The Notes will settle flat on the Closing Date.

Credit Enhancement:

•  Subordination: Initially, 16.75% for the Class A-1 Notes, 6.75% for the Class A-2 Notes, 5.55% for the Class M-1 Notes,  4.50% for the Class M-2 Notes,  3.85% for the Class M-3 Notes, 2.80% for the Class M-4 Notes, 1.60% for the Class M-5 Notes, 0.50% for the Class B-1 Notes and  0.00% for the Class B-2 Notes.

•  Overcollateralization (“OC”):

Initial (% Orig.)

0.00%

OC Target (% Orig.)

0.50%

Stepdown (% Current)

1.00%

OC Floor (% Orig.)

0.50%

•

Excess spread, which will initially be equal to approximately [49] bps per annum (before losses) as of the Cut-off Date, is expected to be available to cover losses and to build and maintain the OC Target on each Payment Date after the Payment Date in September 2005.

•

Any Net Swap Payments received from the Swap Provider.

Interest Remittance Amount:

With respect to any Payment Date, the sum of (1) all interest received or advanced by the Servicer or the Master Servicer for the related collection period, (2) all compensating interest payments paid with respect to the mortgage loans that prepaid during the related prepayment period and (3) the portion of any purchase price or other amount paid with respect to the mortgage loans allocable to interest; net of any fees or other amounts reimbursable to the Master Servicer, the Servicer, the Securities Administrator, the Indenture Trustee, the Custodian, the Owner Trustee, any LPMI insurer and minus any Net Swap Payment or Swap Termination Payment not resulting from an event of default or certain termination events with respect to the Swap Provider (a “Swap Provider Trigger Event”) owed to the Swap Provider.

Principal Remittance Amount:

With respect to any Payment Date, the sum of (1) the principal portion of all scheduled monthly payments on the mortgage loans due on the related due date, to the extent received or advanced; (2) the principal portion of all proceeds of the repurchase of a mortgage loan (or, in the case of a substitution, certain amounts representing a principal adjustment) as required by the mortgage loan purchase agreement during the preceding calendar month; (3) the principal portion of all other unscheduled collections received during the preceding calendar month in respect of the related mortgage loans, including full and partial prepayments, the proceeds of any repurchase of such mortgage loans by the Mortgage Loan Seller, Servicer or the holder or the Equity Certificate, liquidation proceeds and insurance proceeds; net of any fees payable to, and amounts reimbursable to, the Master Servicer, the Servicer, the Securities Administrator, the Indenture Trustee, the Custodian, the Owner Trustee, any LPMI insurer (to the extent not reimbursed from Interest Funds) and net of any Net Swap Payment or Swap Termination Payment not due to a Swap Provider Trigger Event, owed to the Swap Provider, to the extent not paid on prior Payment Dates or from the Interest Remittance Amount on such Payment Date.

Accrued Note Interest:

For any Payment Date and each class of Notes,  interest accrued during the related Accrual Period at the then-applicable Note Interest Rate on the related Note Principal Balance thereof  immediately prior to such Payment Date minus any Deferred Interest for such class.

Available Funds Rate:

With respect to any Payment Date and the Notes, the per annum rate equal to the product of (1) (a) 360 divided by (b) the actual number of days in the accrual period and (2) (a) Interest Remittance Amount for such Payment Date less Net Swap Payments and Swap Termination Payments (other than a Swap Termination Payment due to a Swap Provider Termination Event), divided by (b) the aggregate principal balance of the mortgage loans as of the first day of the related collection period.

Basis Risk Carryforward Amount:

For any Payment Date, the sum of (i) if the Note Interest Rate for a Class of Notes is calculated based on the Available Funds Rate, the excess, if any, of (a) the amount of Accrued Note Interest calculated using the lesser of (x) One-month LIBOR plus the related margin and (y) 11.50% over (b) the amount of Accrued Note Interest calculated using a Note Interest Rate equal to the related Available Funds Rate for such Payment Date and (ii) the Basis Risk Carryforward Amount for all previous Payment Dates not previously paid plus interest thereon at the related Note Interest Rate.

Extra Principal Payment Amount:

With respect to any Payment Date, the lesser of (x) the Monthly Excess Interest for such Payment Date and (y) the Overcollateralization Deficiency Amount for such Payment Date.

Net Monthly Excess Cashflow:

With respect to any Payment Date,  (a) the sum of (1) the Overcollateralization Release Amount, (2) Monthly Excess Interest and (3) any Principal Payment Amount remaining after application under “Priority of Payments—Principal Distributions” below minus (b) the Extra Principal Payment Amount.

Monthly Excess Interest:

With respect to any Payment Date, the amount of the Interest Remittance Amount remaining after application under "Priority of Payments-Interest Distributions" below.

Principal Payment Amount:

With respect to any Payment Date, (a) the sum of (1) the Principal Remittance Amount for such Payment Date and (2) the Extra Principal Payment Amount for such Payment Date minus (b) the Overcollateralization Release Amount.

Priority of Payments:

On each Payment Date, distributions on the Notes, to the extent of available funds, will be made according to the following priority:

Interest Distributions:

1)

To the holders of the Class A Certificates, on a pro rata basis, the Interest Distribution Amount for each such class; and

2)

To the holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class B-1 and Class B-2 Certificates, sequentially, the Interest Distribution Amount for each such class.


Principal Distributions:

Prior to the Stepdown Date or on which a Trigger Event is in effect:

1)

To the holders of the Class A-1 and Class A-2 Notes, on a pro rata basis, from the Principal Payment Amount until the Note Principal Balance of each such class has been reduced to zero;

2)

To the holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class B-1 and Class B-2 Notes, sequentially, from remaining Principal Payment Amount, until the Note Principal Balance of such class has been reduced to zero; and

3)

Any remainder as part of Net Monthly Excess Cashflow as described below.



On or after the Stepdown Date on which a Trigger Event is not in effect:

1)

The Class A Principal Distribution Amount to the holders of the Class A-1 and Class A-2 Notes, pro rata, until the Note Principal Balance of each such class has been reduced to zero;

2)

To the holders of the Class M-1 Notes, Class M-1 Principal Distribution Amount until the Note Principal Balance of such class has been reduced to zero;

3)

To the holders of the Class M-2 Notes, Class M-2 Principal Distribution Amount until the Note Principal Balance of such class has been reduced to zero;

4)

To the holders of the Class M-3 Notes, Class M-3 Principal Distribution Amount until the Note Principal Balance of such class has been reduced to zero;

5)

To the holders of the Class M-4 Notes, Class M-4 Principal Distribution Amount until the Note Principal Balance of such class has been reduced to zero;

6)

To the holders of the Class M-5 Notes, Class M-5 Principal Distribution Amount until the Note Principal Balance of such class has been reduced to zero;

7)

To the holders of the Class B-1 Notes, Class B-1 Principal Distribution Amount until the Note Principal Balance of such class has been reduced to zero;

8)

To the holders of the Class B-2 Notes, Class B-2 Principal Distribution Amount until the Note Principal Balance of such class has been reduced to zero; and

9)

Any remainder as part of  Net Monthly Excess Cashflow as described below.


Swap Payments:


Funds payable under the swap agreement will be deposited into a reserve account (the “Swap Account”).


Net Swap Payments and Swap Termination Payments (not due to a Swap Provider Trigger Event) that are payable to the Swap Provider will be paid to the Swap Account from any available funds prior to distributions on the Notes and will be distributed to the Swap Provider on each Payment Date in the following order of priority:

1)

to the Swap Provider, any Net Swap Payment owed for such Payment Date; and

2)

to the Swap Provider, any Swap Termination Payment not due to a Swap Provider Trigger Event.   


All payments payable by the Swap Provider under each Swap Agreement will be deposited into the Swap Account and will be distributed on each  Payment Date in the following order of priority:

1)

to the holders of the Class A Notes, on a pro rata basis, to pay the related Interest Distribution Amount to the extent unpaid from the Interest Remittance Amount;

2)

to the holders of the Class M  and Class B Notes, sequentially, to pay the related Interest Distribution Amount to the extent unpaid from the Interest Remittance Amount;

3)

to pay, first to the Class A Notes on a pro rata basis, and second, sequentially to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class B-1 and Class B-2 Notes, in that order, any Basis Risk Carryover Amounts for such Payment Date;

4)

to pay as principal to the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class B-1 and Class B-2 Notes to maintain the Overcollateralization Target Amount for such Payment Date (to the extent the Overcollateralization Amount is reduced below the Overcollateralization Target Amount and to the extent not covered by Net Monthly Excess Cashflow) distributed in the same manner and priority as the Principal Distribution Amount; and

5)

to the party named in the Indenture and Trust Agreement, any remaining amounts.


Net Monthly Excess Cashflow Distributions:






















With respect to any Payment Date after the Payment Date in September 2005, “Net Monthly Excess Cashflow for such Payment Date shall be distributed as follows to the extent not covered by amounts paid pursuant to the Swap Agreement (other than in the case of clause (i) below):

(i)

to the  holders  of  the  class  or  classes  of  Notes  then  entitled  to  receive distributions in respect of principal, in an amount equal to the Extra Principal Payment Amount,  distributable  as  part  of  the  Principal Payment Amount;

(ii)

to the holders of the Class A-1 and Class A-2, pro rata, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class B-1 and Class B-2 Notes, in that order, in an amount equal to the Deferred Interest for such Notes;

(iii)

to the holders of the Class A Notes, pro rata, any Basis Risk Carryover Amounts for such classes;

(iv)

to the holders of the Class M and Class B Notes, sequentially, any Basis Risk Carryover Amounts for such classes;

(v)

to the holders of the Class A Notes, Class M and Class B Notes, in an amount equal to such notes’ allocated  share  of  any  Prepayment  Interest  Shortfalls  and  any  shortfalls  resulting from  the  application  of  the  Relief  Act,  in  each  case,  without  interest  accrued thereon;

(vi)

to the Swap Provider, any Swap Termination Payment to the extent not previously paid to the Swap Provider; and

(vii)

to the holder of the Equity Certificate as provided in the Indenture and the Trust Agreement.

Overcollateralization Deficiency Amount:

For any Payment Date, the amount, if any, by which the Overcollateralization Target Amount exceeds the Overcollateralization Amount on such Payment Date.

Overcollateralization Target Amount:

With respect to any payment date (a) prior to the Stepdown Date, approximately 0.50% of the aggregate Stated Principal Balance of the mortgage loans as of the cut-off date, (b) on or after the Stepdown Date and if a Trigger Event is not in effect, the greater of (i) the lesser of (1) approximately 0.50% of the aggregate Stated Principal Balance of the mortgage loans as of the cut-off date and (2) 1.00% of the then current aggregate Stated Principal Balance of the mortgage loans as of that Payment Date and (ii) the Overcollateralization Floor, which is approximately $5,602,991, and (c) on or after the Stepdown Date and if a Trigger Event is in effect, the Overcollateralization Target Amount for the immediately preceding Payment Date.

Overcollateralization Release Amount:

With respect to any Payment Date is the lesser of (x) the sum of the Principal Remittance Amount for such Payment Date and (y) the excess, if any, of (i) the Overcollateralization Amount for such Payment Date (assuming that 100% of the Principal Payment Amount is applied as a principal payment on such Payment Date) over (ii) the Overcollateralization Target Amount for such Payment Date (with the amount pursuant to clause (y) deemed to be $0 if the Overcollateralization Amount is less than or equal to the Overcollateralization Target Amount on that Payment Date).

Overcollateralization Amount:

For any Payment Date, the amount, if any, by which (i) the aggregate Stated Principal Balance of the mortgage loans exceeds (ii) the aggregate Note Principal Balance of the Notes.

Realized Losses:

With respect to a mortgage loan is (1) a Bankruptcy Loss or (2) as to any Liquidated Mortgage Loan, the unpaid principal balance thereof plus accrued and unpaid interest thereon at the mortgage rate through the last day of the month of liquidation less the net liquidation proceeds with respect to such mortgage loan and the related mortgaged property.

Deferred Interest:

For any class of notes and any payment date, (a) the amount of interest accrued on the Principal Deficiency Amount for such class of notes (b) any amounts due pursuant to clause (a) for such class for prior payment dates that remain unpaid and (c) interest accrued during the related accrual period on the amount described in clause (b) at the applicable Note Interest Rate.

Principal Deficiency Amount:

To the extent that the aggregate Note Principal Balance of the notes exceeds the aggregate stated principal balance of the mortgage loans, a “Principal Deficiency Amount” is created for each class of notes (not to exceed the class principal balance of each such class of notes) in inverse order of seniority. For purposes of allocating a Principal Deficiency Amount the Class A-1 Notes are senior to the Class A-2 Notes.

Stepdown Date:

The later to occur of (x) the Payment Date occurring in September 2008 and (y) the first Payment Date on which the Credit Enhancement Percentage for the Class A Notes (calculated for this purpose only after taking into account distributions of principal on the related mortgage loans, but prior to any distribution of the Principal Payment Amounts to the holders of the Notes then entitled to distributions of principal on such Payment Date)  is greater than or equal to approximately 14.50%.

Trigger Event:

A “Trigger Event,” with respect to each Payment Date on or after the Stepdown Date, exists (i) if the three-month rolling average of the percent equal to the aggregate Stated Principal Balance of the related mortgage loans that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO properties over  the aggregate Stated Principal Balance of the related mortgage loans as of the last day of the related due period, equals or exceeds 36% of  the aggregate Note Principal Balance of the Class M Notes and Class B Notes plus the Overcollateralization Amount or (ii) if the Cumulative Loss Test has been violated.

Cumulative Loss Test:

The Cumulative Loss Test is violated on any Payment Date if the aggregate amount of realized losses incurred since the Cut-off Date through the last day of the related Due Period divided by the aggregate principal balance of the mortgage loans as of the Cut-Off Date exceeds the applicable percentages set forth below with respect to such Payment Date.

Payment Date:                                                      Percentage

September 2008 through August 2009:                    [0.75%]

September  2009 through August 2010:                   [1.25%]

September 2010 through August 2011:                    [1.50%]

September 2011 and thereafter:                                [1.75%]

Class A Principal Distribution Amount:

For any applicable Payment Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Payment Date, an amount equal to the lesser of (A) the related Principal Payment Amount for such Payment Date and (B) an amount equal to the excess of (x) the aggregate Note Principal Balance of the Class A-1 and Class A-2 Notes immediately prior to such Payment Date over (y) the lesser of (A) the product of  (i) [85.50]% and (ii) the aggregate stated principal balance of the mortgage loans as of the last day of the related due period and (B) the aggregate stated principal balance of the mortgage loans as of the last day of the related due period minus the OC Floor.

Class M-1 Principal Distribution Amount:

For any applicable Payment Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Payment Date, an amount equal to the lesser of (x) the remaining Principal Payment Amount for that Payment Date after payment of the Class A Principal Distribution Amount and (y) the excess, if any, of (A) the sum of (1) the aggregate Note Principal Balance of the Class A Notes (after taking into account the payment of the Class A Principal Distribution Amount and (2) the Note Principal Balance of the Class M-1 Notes immediately prior to such Payment Date, over (B) the lesser of (a) the product of (i) approximately [87.90]% and (ii) the aggregate stated principal balance of the mortgage loans as of the last day of the related due period, and (b) the aggregate stated principal balance of the mortgage loans as of the last day of the related due period minus the OC Floor.

Class M-2 Principal Distribution Amount:

For any applicable Payment Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Payment Date, an amount equal to the lesser of (x) the remaining Principal Payment Amount for that Payment Date after payment of the Class A Principal Distribution Amount and the Class M-1 Principal Distribution Amount and (y) the excess, if any, of (A) the sum of (1) the aggregate Note Principal Balance of the Class A Notes (after taking into account the payment of the Class A Principal Distribution Amount for such Payment Date), (2) the Note Principal Balance of the Class M-1 Notes (after taking into account the payment of the Class M-1 Principal Distribution Amount for such Payment Date) and (3) the Note Principal Balance of the Class M-2 Notes immediately prior to such Payment Date, over (B) the lesser of (a) the product of (i) approximately [90.00]% and (ii) the aggregat e stated principal balance of the mortgage loans as of the last day of the related due period, and (b) the aggregate stated principal balance of the mortgage loans as of the last day of the related due period minus the OC Floor.

Class M-3 Principal Distribution Amount:

For any applicable Payment Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Payment Date, an amount equal to the lesser of (x) the remaining Principal Payment Amount for that Payment Date after payment of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount and the Class M-2 Principal Distribution Amount and (y) the excess, if any, of (A) the sum of (1) the aggregate Note Principal Balance of the Class A Notes (after taking into account the payment of the Class A Principal Distribution Amount for such Payment Date), (2) the Note Principal Balance of the Class M-1 Notes (after taking into account the payment of the Class M-1 Principal Distribution Amount for such Payment Date), (3) the Note Principal Balance of the Class M-2 Notes (after taking into account the payment of the Class M-2 Principal Distribution Amount for such Payment Date) and (4) the Note Principal Balance of the Class M-3 Notes immediately prior to such Payment Date, over (B) the lesser of (a) the product of (i) approximately [91.30]% and (ii) the aggregate stated principal balance of the mortgage loans as of the last day of the related due period, and (b) the aggregate stated principal balance of the mortgage loans as of the last day of the related due period minus the OC Floor.

Class M-4 Principal Distribution Amount:

For any applicable Payment Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Payment Date, an amount equal to the lesser of (x) the remaining Principal Payment Amount for that Payment Date after payment of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount and Class M-3 Principal Distribution Amount and (y) the excess, if any, of (A) the sum of (1) the aggregate Note Principal Balance of the Class A Notes (after taking into account the payment of the Class A Principal Distribution Amount for such Payment Date), (2) the Note Principal Balance of the Class M-1 Notes (after taking into account the payment of the Class M-1 Principal Distribution Amount for such Payment Date), (3) the Note Principal Balance of the Class M-2 Notes (after taking into account the payment of the C lass M-2 Principal Distribution Amount for such Payment Date), (4) the Note Principal Balance of the Class M-3 Notes(after taking into account the payment of the Class M-3 Principal Distribution Amount for such Payment Date) and (5) the Note Principal Balance of the Class M-4 Notes immediately prior to such Payment Date over (B) the lesser of (a) the product of (i) approximately [93.40]% and (ii) the aggregate stated principal balance of the mortgage loans as of the last day of the related due period, and (b) the aggregate stated principal balance of the mortgage loans as of the last day of the related due period minus the OC Floor.

Class M-5 Principal Distribution Amount:

For any applicable Payment Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Payment Date, an amount equal to the lesser of (x) the remaining Principal Payment Amount for that Payment Date after payment of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, Class M-3 Principal Distribution Amount and Class M-4 Principal Distribution Amount  (y) the excess, if any, of (A) the sum of (1) the aggregate Note Principal Balance of the Class A Notes (after taking into account the payment of the Class A Principal Distribution Amount for such Payment Date), (2) the Note Principal Balance of the Class M-1 Notes (after taking into account the payment of the Class M-1 Principal Distribution Amount for such Payment Date), (3) the Note Principal Balance of the Class M-2 Notes (after taking into account the payment of the Class M-2 Principal Distribution Amount for such Payment Date), (4) the Note Principal Balance of the Class M-3 Notes (after taking into account the payment of the Class M-3 Principal Distribution Amount for such Payment Date),  (5) the Note Principal Balance of the Class M-4 Notes (after taking into account the payment of the Class M-4 Principal Distribution Amount for such Payment Date),  and (6) the Note Principal Balance of the Class M-5 Notes immediately prior to such Payment Date, over (B) the lesser of (a) the product of (i) approximately  [95.80]% and (ii) the aggregate stated principal balance of the mortgage loans as of the last day of the related due period, and (b) the aggregate stated principal balance of the mortgage loans as of the last day of the related due period minus the OC Floor.

Class B-1 Principal Distribution Amount:

For any applicable Payment Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Payment Date, an amount equal to the lesser of (x) the remaining Principal Payment Amount for that Payment Date after payment of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, Class M-3 Principal Distribution Amount, Class M-4 Principal Distribution Amount and Class M-5 Principal Distribution Amount  (y) the excess, if any, of (A) the sum of (1) the aggregate Note Principal Balance of the Class A Notes (after taking into account the payment of the Class A Principal Distribution Amount for such Payment Date), (2) the Note Principal Balance of the Class M-1 Notes (after taking into account the payment of the Class M-1 Principal Distribution Amount for such Payment Date), (3) the Note Princi pal Balance of the Class M-2 Notes (after taking into account the payment of the Class M-2 Principal Distribution Amount for such Payment Date), (4) the Note Principal Balance of the Class M-3 Notes (after taking into account the payment of the Class M-3 Principal Distribution Amount for such Payment Date),  (5) the Note Principal Balance of the Class M-4 Notes (after taking into account the payment of the Class M-4 Principal Distribution Amount for such Payment Date),  (6) the Note Principal Balance of the Class M-5 Notes (after taking into account the payment of the Class M-5 Principal Distribution Amount for such Payment Date) and (7) the Note Principal Balance of the Class B-1 Notes immediately prior to such Payment Date over (B) the lesser of (a) the product of (i) approximately  [98.00]% and (ii) the aggregate stated principal balance of the mortgage loans as of the last day of the related due period, and (b) the aggregate stated principal balance of the mortgage loans as of the last day of the related due period minus the OC Floor.

Class B-2 Principal Distribution Amount:

For any applicable Payment Date on or after the Stepdown Date as long as a Trigger Event has not occurred with respect to such Payment Date, an amount equal to the lesser of  (x) the remaining Principal Payment Amount for that Payment Date after payment of the Class A Principal Distribution Amount, the Class M-1 Principal Distribution Amount, the Class M-2 Principal Distribution Amount, Class M-3 Principal Distribution Amount, Class M-4 Principal Distribution Amount, Class M-5 Principal Distribution Amount and Class B-1 Principal Distribution Amount  (y) the excess, if any, of (A) the sum of (1) the aggregate Note Principal Balance of the Class A Notes (after taking into account the payment of the Class A Principal Distribution Amount for such Payment Date), (2) the Note Principal Balance of the Class M-1 Notes (after taking into account the payment of the Class M-1 Principal Distribution Amo unt for such Payment Date), (3) the Note Principal Balance of the Class M-2 Notes (after taking into account the payment of the Class M-2 Principal Distribution Amount for such Payment Date), (4) the Note Principal Balance of the Class M-3 Notes (after taking into account the payment of the Class M-3 Principal Distribution Amount for such Payment Date),  (5) the Note Principal Balance of the Class M-4 Notes (after taking into account the payment of the Class M-4 Principal Distribution Amount for such Payment Date),  (6) the Note Principal Balance of the Class M-5 Notes (after taking into account the payment of the Class M-5 Principal Distribution Amount for such Payment Date) , (7) the Note Principal Balance of the Class B-1 Notes (after taking into account the payment of the Class B-1 Principal Distribution Amount for such Payment Date) and (8) the Note Principal Balance of the Class B-2 Notes immediately prior to such Payment Date over (B) the lesser of (a) the product of (i) approximately [99.00 ]% and (ii) the aggregate stated principal balance of the mortgage loans as of the last day of the related due period, and (b) the aggregate stated principal balance of the mortgage loans as of the last day of the related due period minus the OC Floor.

Swap Agreements:

On the Closing Date, the Issuer will enter into three separate Swap Agreements with initial notional amounts equal to the scheduled principal balances of the 3-year Hybrids ($125,576,261), the 5-year Hybrids ($699,744,520) and the 7-year Hybrids ($216,514,463), respectively. Under the Swap Agreements, on each Payment Date, the Issuer shall be obligated to pay to the Swap Provider an amount equal to [4.570%] (per annum) with respect to the 3-year Hybrids, [4.765%] (per annum) with respect to the 5-year Hybrids and [4.835%] (per annum) with respect to the 7-year Hybrids, in each case on a notional amount equal to the lesser of the related actual collateral balance and the related swap agreement scheduled notional amount set forth in Exhibit I (such lesser amount the “Swap Notional Amount”), and the Issuer will be entitled to receive from the Swap Provider an amount equal to One-Month LIBOR (as determined pursuant to the Swap Agreements) per annum on a notional amount equal to the Swap Notional Amount, accrued during each swap accrual period in each case until the related swap is retired. Under each Swap Agreement, only the net amount of the two obligations above (the “Net Swap Payment”) will be paid by the appropriate party.  


Upon early termination of each Swap Agreement, the Issuer or the Swap Provider may be liable to make a termination payment (the “Swap Termination Payment”) to the other party, regardless of which party caused the termination. The Swap Termination Payment will be computed in accordance with the procedures set forth in the Swap Agreements. In the event that the Issuer is required to make a Swap Termination Payment (other than a Swap Termination Payment due to a Swap Provider Trigger Event),  such amount will be paid on the related Payment Date, and on any subsequent Payment Dates until paid in full, prior to distributions to noteholders. Shown in Exhibit I are the swap agreement scheduled notional amounts, which generally have been derived using a prepayment speed of 25% CPR.

Swap Provider:

An entity rated [AA-/Aa3] by S&P and Moody’s (which may include an affiliate of the Depositor and/or Underwriter)



Exhibit I-Swap Agreement Scheduled Notional Amounts

Assumptions:

- run at 25%CPR

 

3-year

5-year

7-year

 

3-year

5-year

7-year

period

Hybrids

Hybrids

Hybrids

period

Hybrids

Hybrids

Hybrids

1

125,576,260.54

699,744,519.83

216,514,462.80

43

0.00

255,654,786.23

79,104,526.20

2

122,601,556.81

683,168,674.80

211,385,576.35

44

0.00

249,598,727.20

77,230,664.63

3

119,697,319.12

666,985,485.41

206,378,185.15

45

0.00

243,686,126.67

75,401,191.88

4

116,861,878.25

651,185,650.28

201,489,411.15

46

0.00

237,913,586.32

73,615,056.46

5

114,093,604.50

635,760,088.35

196,716,444.50

47

0.00

232,277,788.36

71,871,231.77

6

111,390,906.79

620,699,933.68

192,056,541.91

48

0.00

226,775,493.57

70,168,715.55

7

108,752,231.74

605,996,530.33

187,507,025.07

49

0.00

221,403,539.48

68,506,529.25

8

106,176,062.74

591,641,427.44

183,065,279.12

50

0.00

216,158,838.51

66,883,717.52

9

103,660,919.12

577,626,374.32

178,728,751.12

51

0.00

211,038,376.24

65,299,347.64

10

101,205,355.30

563,943,315.73

174,494,948.65

52

0.00

206,039,209.66

63,752,509.00

11

98,807,959.91

550,584,387.23

170,361,438.28

53

0.00

201,158,465.46

62,242,312.52

12

96,467,355.03

537,541,910.69

166,325,844.26

54

0.00

196,393,338.39

60,767,890.21

13

94,182,195.41

524,808,389.87

162,385,847.10

55

0.00

191,741,089.68

59,328,394.65

14

91,951,167.61

512,376,506.10

158,539,182.27

56

0.00

187,199,045.40

57,922,998.47

15

89,772,989.34

500,239,114.06

154,783,638.86

57

0.00

182,764,595.00

56,550,893.91

16

87,646,408.68

488,389,237.71

151,117,058.36

58

0.00

178,435,189.74

55,211,292.35

17

85,570,203.37

476,820,066.26

147,537,333.37

59

0.00

174,208,341.27

53,903,423.83

18

83,543,180.10

465,524,950.26

144,042,406.43

60

0.00

170,081,620.18

52,626,536.66

19

81,564,173.80

454,497,397.75

140,630,268.80

61

0.00

0.00

51,379,896.93

20

79,632,047.05

443,731,070.58

137,298,959.34

62

0.00

0.00

50,162,788.14

21

77,745,689.34

433,219,780.74

134,046,563.34

63

0.00

0.00

48,974,510.73

22

75,904,016.47

422,957,486.79

130,871,211.49

64

0.00

0.00

47,814,381.75

23

74,105,969.93

412,938,290.42

127,771,078.71

65

0.00

0.00

46,681,734.39

24

72,350,516.28

403,156,433.02

124,744,383.19

66

0.00

0.00

45,575,917.66

25

70,636,646.55

393,606,292.40

121,789,385.33

67

0.00

0.00

44,496,295.99

26

68,963,375.70

384,282,379.57

118,904,386.70

68

0.00

0.00

43,442,248.85

27

67,329,742.01

375,179,335.54

116,087,729.15

69

0.00

0.00

42,413,170.43

28

65,734,806.51

366,291,928.28

113,337,793.77

70

0.00

0.00

41,408,469.26

29

64,177,652.53

357,615,049.70

110,653,000.03

71

0.00

0.00

40,427,567.87

30

62,657,385.07

349,143,712.69

108,031,804.82

72

0.00

0.00

39,469,902.49

31

61,173,130.35

340,873,048.31

105,472,701.60

73

0.00

0.00

38,534,922.70

32

59,724,035.29

332,798,302.94

102,974,219.50

74

0.00

0.00

37,622,091.10

33

58,309,267.01

324,914,835.56

100,534,922.51

75

0.00

0.00

36,730,883.05

34

56,928,012.35

317,218,115.10

98,153,408.61

76

0.00

0.00

35,860,786.31

35

55,579,477.45

309,703,717.81

95,828,309.03

77

0.00

0.00

35,011,300.79

36

54,262,887.21

302,367,324.76

93,558,287.40

78

0.00

0.00

34,181,938.25

37

0.00

295,204,719.30

91,342,038.99

79

0.00

0.00

33,372,221.99

38

0.00

288,211,784.68

89,178,290.02

80

0.00

0.00

32,581,686.64

39

0.00

281,384,501.66

87,065,796.86

81

0.00

0.00

31,809,877.82

40

0.00

274,718,946.21

85,003,345.33

82

0.00

0.00

31,056,351.94

41

0.00

268,211,287.27

82,989,750.02

83

0.00

0.00

30,320,675.90

42

0.00

261,857,784.52

81,023,853.62

84

0.00

0.00

29,602,426.87



Exhibit II – Available Funds Cap Schedule

Assumptions:

- One-Month and Six-Month LIBOR at 20%

- 25% CPR to the 20% Optional Termination


 

Class A-1

Class A-2

Class M-1

Class M-2

Class M-3

Payment

Effective

Effective

Effective

Effective

Effective

Date

Coupon

Coupon

Coupon

Coupon

Coupon

25-Sep-05

3.90

4.00

4.08

4.10

4.14

25-Oct-05

11.50

11.50

11.50

11.50

11.50

25-Nov-05

11.50

11.50

11.50

11.50

11.50

25-Dec-05

11.50

11.50

11.50

11.50

11.50

25-Jan-06

11.50

11.50

11.50

11.50

11.50

25-Feb-06

11.50

11.50

11.50

11.50

11.50

25-Mar-06

11.50

11.50

11.50

11.50

11.50

25-Apr-06

11.50

11.50

11.50

11.50

11.50

25-May-06

11.50

11.50

11.50

11.50

11.50

25-Jun-06

11.50

11.50

11.50

11.50

11.50

25-Jul-06

11.50

11.50

11.50

11.50

11.50

25-Aug-06

11.50

11.50

11.50

11.50

11.50

25-Sep-06

11.50

11.50

11.50

11.50

11.50

25-Oct-06

11.50

11.50

11.50

11.50

11.50

25-Nov-06

11.50

11.50

11.50

11.50

11.50

25-Dec-06

11.50

11.50

11.50

11.50

11.50

25-Jan-07

11.50

11.50

11.50

11.50

11.50

25-Feb-07

11.50

11.50

11.50

11.50

11.50

25-Mar-07

11.50

11.50

11.50

11.50

11.50

25-Apr-07

11.50

11.50

11.50

11.50

11.50

25-May-07

11.50

11.50

11.50

11.50

11.50

25-Jun-07

11.50

11.50

11.50

11.50

11.50

25-Jul-07

11.50

11.50

11.50

11.50

11.50

25-Aug-07

11.50

11.50

11.50

11.50

11.50

25-Sep-07

11.50

11.50

11.50

11.50

11.50

25-Oct-07

11.50

11.50

11.50

11.50

11.50

25-Nov-07

11.50

11.50

11.50

11.50

11.50

25-Dec-07

11.50

11.50

11.50

11.50

11.50

25-Jan-08

11.50

11.50

11.50

11.50

11.50

25-Feb-08

11.50

11.50

11.50

11.50

11.50

25-Mar-08

11.50

11.50

11.50

11.50

11.50

25-Apr-08

11.50

11.50

11.50

11.50

11.50

25-May-08

11.50

11.50

11.50

11.50

11.50

25-Jun-08

11.50

11.50

11.50

11.50

11.50

25-Jul-08

11.50

11.50

11.50

11.50

11.50

25-Aug-08

11.50

11.50

11.50

11.50

11.50

25-Sep-08

11.50

11.50

11.50

11.50

11.50

25-Oct-08

11.50

11.50

11.50

11.50

11.50

25-Nov-08

11.50

11.50

11.50

11.50

11.50

25-Dec-08

11.50

11.50

11.50

11.50

11.50

25-Jan-09

11.50

11.50

11.50

11.50

11.50

25-Feb-09

11.50

11.50

11.50

11.50

11.50

25-Mar-09

11.50

11.50

11.50

11.50

11.50

25-Apr-09

11.50

11.50

11.50

11.50

11.50

25-May-09

11.50

11.50

11.50

11.50

11.50

25-Jun-09

11.50

11.50

11.50

11.50

11.50

25-Jul-09

11.50

11.50

11.50

11.50

11.50

25-Aug-09

11.50

11.50

11.50

11.50

11.50

25-Sep-09

11.50

11.50

11.50

11.50

11.50

25-Oct-09

11.50

11.50

11.50

11.50

11.50

25-Nov-09

11.50

11.50

11.50

11.50

11.50

25-Dec-09

11.50

11.50

11.50

11.50

11.50

25-Jan-10

11.50

11.50

11.50

11.50

11.50

25-Feb-10

11.50

11.50

11.50

11.50

11.50

25-Mar-10

11.50

11.50

11.50

11.50

11.50

25-Apr-10

11.50

11.50

11.50

11.50

11.50

25-May-10

11.50

11.50

11.50

11.50

11.50

25-Jun-10

11.50

11.50

11.50

11.50

11.50

25-Jul-10

11.50

11.50

11.50

11.50

11.50

25-Aug-10

11.50

11.50

11.50

11.50

11.50

25-Sep-10

11.50

11.50

11.50

11.50

11.50

25-Oct-10

11.50

11.50

11.50

11.50

11.50

25-Nov-10

11.50

11.50

11.50

11.50

11.50

25-Dec-10

11.50

11.50

11.50

11.50

11.50

25-Jan-11

11.50

11.50

11.50

11.50

11.50

25-Feb-11

11.50

11.50

11.50

11.50

11.50

25-Mar-11

11.50

11.50

11.50

11.50

11.50

25-Apr-11

11.50

11.50

11.50

11.50

11.50


Exhibit III- Price/Yield Tables


Assumptions:

       
 

10% CPR

15% CPR

25% CPR

30% CPR

35% CPR

45% CPR

55% CPR

        

Class A-1 to Maturity

Price: 100.00%

       

Yield (%)

3.96

3.96

3.98

3.98

3.98

3.98

3.96

WAL (yrs)

7.87

5.53

3.25

2.62

2.16

1.52

1.07

Start Date

9/25/2005

9/25/2005

9/25/2005

9/25/2005

9/25/2005

9/25/2005

9/25/2005

End Date

4/25/2034

3/25/2031

1/25/2023

2/25/2020

10/25/2017

7/25/2014

4/25/2012

        

Class A-2 to Maturity

Price: 100.00%

       

Yield (%)

4.06

4.08

4.09

4.10

4.10

4.09

4.07

WAL (yrs)

7.87

5.53

3.25

2.62

2.16

1.52

1.07

Start Date

9/25/2005

9/25/2005

9/25/2005

9/25/2005

9/25/2005

9/25/2005

9/25/2005

End Date

4/25/2034

3/25/2031

1/25/2023

2/25/2020

10/25/2017

7/25/2014

4/25/2012

        

Class M-1 to Maturity

Price: 100.00%

       

Yield (%)

4.14

4.15

4.15

4.15

4.15

4.18

4.24

WAL (yrs)

13.55

9.61

5.71

4.81

4.28

3.9

4.43

Start Date

3/25/2012

12/25/2009

10/25/2008

11/25/2008

12/25/2008

3/25/2009

11/25/2009

End Date

6/25/2029

2/25/2024

3/25/2017

2/25/2015

6/25/2013

4/25/2011

5/25/2010

        

Class M-2 to Maturity

Price: 100.00%

       

Yield (%)

4.16

4.17

4.17

4.17

4.17

4.20

4.25

WAL (yrs)

13.48

9.54

5.65

4.75

4.21

3.78

4.03

Start Date

3/25/2012

12/25/2009

9/25/2008

10/25/2008

11/25/2008

2/25/2009

7/25/2009

End Date

8/25/2028

4/25/2023

8/25/2016

8/25/2014

1/25/2013

12/25/2010

11/25/2009

        

Class M-3 to Maturity

Price: 100.00%

       

Yield (%)

4.20

4.21

4.22

4.22

4.22

4.24

4.29

WAL (yrs)

13.40

9.46

5.59

4.69

4.15

3.67

3.79

Start Date

3/25/2012

12/25/2009

9/25/2008

10/25/2008

11/25/2008

1/25/2009

5/25/2009

End Date

10/25/2027

6/25/2022

1/25/2016

1/25/2014

8/25/2012

9/25/2010

7/25/2009

        



Assumptions:

       
 

10% CPR

15% CPR

25% CPR

30% CPR

35% CPR

45% CPR

55% CPR

        
        

Class A-1 to 20% Optional Termination

Price: 100.00%

       

Yield (%)

3.93

3.93

3.93

3.93

3.93

3.93

3.93

WAL (yrs)

6.90

4.69

2.67

2.14

1.75

1.26

0.95

Start Date

9/25/2005

9/25/2005

9/25/2005

9/25/2005

9/25/2005

9/25/2005

9/25/2005

End Date

8/25/2019

7/25/2015

4/25/2011

3/25/2010

5/25/2009

5/25/2008

9/25/2007

        

Class A-2 to 20% Optional Termination

Price: 100.00%

       

Yield

4.03

4.03

4.03

4.03

4.03

4.03

4.03

WAL (yrs)

6.90

4.69

2.67

2.14

1.75

1.26

0.95

Start Date

9/25/2005

9/25/2005

9/25/2005

9/25/2005

9/25/2005

9/25/2005

9/25/2005

End Date

8/25/2019

7/25/2015

4/25/2011

3/25/2010

5/25/2009

5/25/2008

9/25/2007

        

Class M-1 to 20% Optional Termination

Price: 100.00%

       

Yield

4.11

4.11

4.11

4.11

4.11

4.11

4.11

WAL (yrs)

11.61

7.97

4.60

3.91

3.51

2.74

2.07

Start Date

3/25/2012

12/25/2009

10/25/2008

11/25/2008

12/25/2008

5/25/2008

9/25/2007

End Date

8/25/2019

7/25/2015

4/25/2011

3/25/2010

5/25/2009

5/25/2008

9/25/2007

        

Class M-2 to 20% Optional Termination

Price: 100.00%

       

Yield

4.14

4.14

4.14

4.14

4.14

4.14

4.14

WAL (yrs)

11.61

7.97

4.59

3.90

3.48

2.74

2.07

Start Date

3/25/2012

12/25/2009

9/25/2008

10/25/2008

11/25/2008

5/25/2008

9/25/2007

End Date

8/25/2019

7/25/2015

4/25/2011

3/25/2010

5/25/2009

5/25/2008

9/25/2007

        

Class M-3 to 20% Optional Termination

Price: 100.00%

       

Yield

4.18

4.18

4.18

4.18

4.18

4.18

4.18

WAL (yrs)

11.61

7.97

4.59

3.88

3.46

2.74

2.07

Start Date

3/25/2012

12/25/2009

9/25/2008

10/25/2008

11/25/2008

5/25/2008

9/25/2007

End Date

8/25/2019

7/25/2015

4/25/2011

3/25/2010

5/25/2009

5/25/2008

9/25/2007

        



Exhibit IV – Collateral Summary


HomeBanc Mortgage Trust, Series 2005-4

Preliminary Collateral Information As of August 1, 2005

    

TOTAL CURRENT BALANCE:


$1,120,598,133.51

  

TOTAL ORIGINAL BALANCE:                 

$1,122,205,097.00

  

 

   

NUMBER OF LOANS:


5,205

  
    
 

TOTAL

MIN

MAX

AVG CURRENT BALANCE:


$215,292.63

$251.56

$2,000,000

AVG ORIGINAL AMOUNT:


$215,601.36

$10,000

$2,000,000

 

   

WAVG GROSS COUPON:


5.814%

3.500%

8.875%

WAVG GROSS MARGIN:


2.321%

1.375%

5.00%

WAVG MAX INT RATE:


12.920%

9.500%

18.000%

WAVG PERIODIC RATE CAP:


5.000%

5.000%

5.000%

  *Non -zero weighted average

   

WAVG ORIGINAL LTV:


79.56%

2.70%

100.00%

WAVG ORIGINAL CLTV:

86.23%

19.23%

120.01%

 

   

WAVG FICO SCORE:


727

608

821

 *Non -zero weighted average

   

WAVG ORIGINAL TERM:


353

240

360

WAVG REMAINING TERM:


352

228

360

WAVG SEASONING:


1

0

18

 

   

WAVG RATE ADJ FREQ:


6

1

6

INTEREST ONLY:


100%, All loans are interest only with 10 year interest only period.

    

TOP 3 STATES:


Florida

57.92%

 
 

Georgia

35.60%

 
 

North Carolina

5.21%

 
    

MAXIMUM 3 ZIP CODES:


Pampano Beach, FL

33076

1.13%

 

West Palm Beach, FL

33414

1.09%

 

Suwanee, GA

30024

1.03%

 

Windermere, FL

34786

1.03%

    

FIRST PAY DATE:


3/1/2004

10/1/2005

 

RATE CHANG DATE:


9/1/2005

9/1/2012

 

MATURE DATE:


8/1/2024

9/1/2035

 



CURRENT BALANCE

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

            0 -    50,000

767

22,334,310.55

1.99

7.363

726

29,119

15.41

93.05

   50,001 -   100,000

388

29,496,571.77

2.63

6.767

725

76,022

46.25

80.55

  100,001 -   150,000

971

124,528,363.11

11.11

5.952

729

128,248

81.12

72.90

  150,001 -   200,000

919

160,294,405.08

14.30

5.889

725

174,423

84.00

71.17

  200,001 -   250,000

664

148,560,169.26

13.26

5.829

728

223,735

85.68

66.03

  250,001 -   300,000

399

109,454,622.07

9.77

5.776

726

274,322

84.83

63.66

  300,001 -   350,000

305

99,175,064.34

8.85

5.704

730

325,164

84.03

59.52

  350,001 -   400,000

210

78,906,048.51

7.04

5.648

727

375,743

81.72

56.40

  400,001 -   450,000

149

63,480,810.69

5.66

5.685

725

426,046

82.18

53.75

  450,001 -   500,000

121

58,113,099.13

5.19

5.651

726

480,274

79.82

56.85

  500,001 -   550,000

64

33,778,342.21

3.01

5.740

729

527,787

81.48

59.34

  550,001 -   600,000

65

37,286,876.54

3.33

5.647

724

573,644

81.91

58.53

  600,001 -   650,000

66

41,717,931.81

3.72

5.655

734

632,090

79.50

56.17

  650,001 -   700,000

21

14,283,350.00

1.27

5.650

720

680,160

74.03

66.71

  700,001 -   750,000

11

8,014,450.00

0.72

5.581

719

728,586

74.14

63.55

  750,001 -   800,000

15

11,719,230.63

1.05

5.545

717

781,282

73.65

86.57

  800,001 -   850,000

10

8,262,005.00

0.74

5.426

739

826,201

67.33

79.90

  850,001 -   900,000

1

900,000.00

0.08

5.375

761

900,000

69.23

100.00

  900,001 -   950,000

9

8,266,900.00

0.74

5.324

736

918,544

73.76

89.08

  950,001 - 1,000,000

22

21,712,632.81

1.94

5.614

744

986,938

73.22

72.71

1,000,001 - 1,100,000

3

3,236,350.00

0.29

5.412

766

1,078,783

68.20

100.00

1,100,001 - 1,200,000

4

4,687,500.00

0.42

5.347

691

1,171,875

71.26

100.00

1,200,001 - 1,300,000

3

3,718,000.00

0.33

5.336

734

1,239,333

63.83

100.00

1,300,001 - 1,400,000

1

1,400,000.00

0.12

5.250

764

1,400,000

79.24

100.00

1,400,001 - 1,500,000

8

11,664,800.00

1.04

5.764

717

1,458,100

68.45

100.00

1,500,001 +

9

15,606,300.00

1.39

5.395

733

1,734,033

68.97

88.89

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



GROSS COUPON

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

   3.50 -    3.99

1

398,009.30

0.04

3.500

693

398,009

72.73

100.00

   4.00 -    4.49

2

555,000.00

0.05

4.140

727

277,500

67.13

100.00

   4.50 -    4.99

127

44,924,939.38

4.01

4.793

742

353,740

73.16

80.99

   5.00 -    5.49

888

258,178,206.14

23.04

5.244

735

290,741

75.84

75.28

   5.50 -    5.99

1,564

418,030,186.32

37.30

5.679

725

267,283

79.82

70.44

   6.00 -    6.49

1,164

258,866,257.94

23.10

6.167

726

222,394

91.93

57.79

   6.50 -    6.99

535

82,246,242.92

7.34

6.631

722

153,731

83.18

38.99

   7.00 -    7.49

480

36,544,589.65

3.26

7.159

726

76,135

46.02

61.23

   7.50 -    7.99

241

11,266,917.42

1.01

7.624

707

46,751

32.23

72.44

   8.00 -    8.49

169

7,845,784.44

0.70

8.203

677

46,425

18.15

90.03

   8.50 -    8.99

34

1,742,000.00

0.16

8.575

666

51,235

19.30

100.00

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



GROSS MARGIN

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

1.375

1

384,000.00

0.03

4.500

809

384,000

80.00

100.00

1.500

1

85,150.00

0.01

4.625

652

85,150

79.98

100.00

1.625

5

1,123,150.00

0.10

4.799

776

224,630

77.88

100.00

1.750

5

3,577,481.89

0.32

4.936

724

715,496

73.63

100.00

1.875

5

3,830,000.00

0.34

4.937

740

766,000

64.27

100.00

2.000

5

1,338,600.00

0.12

5.238

745

267,720

64.53

53.26

2.125

9

2,400,520.83

0.21

5.199

722

266,725

74.15

83.07

2.250

4,079

1,051,555,497.98

93.84

5.746

727

257,797

82.66

65.37

2.625

3

670,402.81

0.06

6.215

728

223,468

75.30

0.00

2.750

3

2,168,300.00

0.19

6.131

733

722,767

70.26

94.19

3.000

97

3,641,003.67

0.32

6.551

762

37,536

12.02

100.00

3.125

1

109,300.00

0.01

6.625

677

109,300

90.00

0.00

3.250

30

2,307,659.13

0.21

6.239

743

76,922

35.77

56.67

3.375

76

3,522,511.27

0.31

6.917

751

46,349

26.00

84.71

3.500

263

14,994,624.36

1.34

7.054

757

57,014

19.21

87.62

3.625

31

1,446,230.00

0.13

7.133

729

46,653

14.81

100.00

3.750

78

4,147,090.71

0.37

7.285

722

53,168

23.41

76.56

3.875

36

1,727,679.41

0.15

7.434

683

47,991

13.94

100.00

4.000

158

7,366,300.09

0.66

7.534

706

46,622

30.43

75.70

4.125

94

4,230,663.13

0.38

7.576

718

45,007

16.54

93.05

4.250

17

463,657.96

0.04

7.835

714

27,274

11.73

100.00

4.375

14

700,235.58

0.06

8.141

668

50,017

13.76

93.17

4.500

45

1,426,770.25

0.13

8.006

720

31,706

15.68

43.14

4.625

15

740,838.54

0.07

8.259

653

49,389

15.46

87.68

4.750

129

6,400,915.90

0.57

8.277

670

49,620

19.76

100.00

4.875

4

188,050.00

0.02

8.597

655

47,013

14.99

100.00

5.000

1

51,500.00

0.00

8.875

663

51,500

20.00

100.00

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67




MAX INTEREST RATE

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

-9.750

3

477,050.00

0.04

5.286

689

159,017

71.36

100.00

10.001 - 10.250

4

1,027,150.00

0.09

5.250

723

256,788

82.02

100.00

10.251 - 10.500

5

2,335,632.81

0.21

5.448

690

467,127

72.79

91.35

10.501 - 10.750

13

2,802,538.58

0.25

4.906

740

215,580

76.31

83.75

10.751 - 11.000

38

12,843,275.17

1.15

4.956

749

337,981

74.74

73.32

11.001 - 11.250

64

17,853,652.90

1.59

5.213

739

278,963

76.76

80.97

11.251 - 11.500

123

32,847,329.69

2.93

5.438

726

267,051

78.13

77.84

11.501 - 11.750

112

25,399,838.47

2.27

5.694

715

226,784

82.17

72.19

11.751 - 12.000

218

53,438,408.29

4.77

5.692

732

245,130

82.06

78.24

12.001 - 12.250

89

17,989,884.36

1.61

6.210

730

202,134

94.81

57.64

12.251 - 12.500

71

14,339,070.84

1.28

6.557

713

201,959

92.93

43.06

12.501 - 12.750

19

2,830,123.91

0.25

6.722

705

148,954

86.55

46.62

12.751 - 13.000

3,344

876,533,703.53

78.22

5.742

728

262,121

82.41

64.54

13.001 - 13.250

42

10,278,196.52

0.92

7.187

704

244,719

83.81

31.78

13.251 - 13.500

5

951,300.00

0.08

7.340

763

190,260

92.00

19.96

13.501 - 13.750

1

90,250.00

0.01

7.625

0

90,250

95.00

100.00

14.001 +

1,054

48,560,728.44

4.33

7.363

726

46,073

16.79

91.60

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



PERIODIC RATE CAP

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

0

5,178

1,112,972,927.65

99.32

5.818

727

214,943

79.57

66.49

5

27

7,625,205.86

0.68

5.285

752

282,415

78.39

93.01

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



ORIGINAL TERM

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

240

1,080

49,846,730.00

4.45

7.372

726

46,154

16.78

91.69

300

61

24,246,407.53

2.16

5.194

736

397,482

73.31

93.54

360

4,064

1,046,504,995.98

93.39

5.755

727

257,506

82.70

64.86

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



REMAINING TERM

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

228

1

251.56

0.00

5.250

740

252

15.00

100.00

233

1

478.13

0.00

6.375

758

478

20.00

100.00

237

7

444,350.64

0.04

7.654

694

63,479

20.84

92.46

238

378

16,251,572.19

1.45

7.252

726

42,994

16.59

89.75

239

371

18,452,264.48

1.65

7.325

728

49,737

16.87

91.41

240

322

14,697,813.00

1.31

7.557

725

45,645

16.77

94.16

282

1

398,009.30

0.04

3.500

693

398,009

72.73

100.00

295

1

348,000.00

0.03

4.000

729

348,000

80.00

100.00

296

1

417.7

0.00

5.375

725

418

49.30

100.00

297

3

760,150.00

0.07

5.477

713

253,383

76.97

100.00

298

31

12,780,830.53

1.14

5.088

732

412,285

73.78

92.78

299

13

6,655,450.00

0.59

5.383

749

511,958

70.83

90.35

300

11

3,303,550.00

0.29

5.489

740

300,323

74.99

100.00

351

1

1,000,000.00

0.09

5.500

752

1,000,000

67.80

0.00

355

1

170,935.73

0.02

5.625

688

170,936

58.97

0.00

356

1

229,999.12

0.02

6.625

0

229,999

79.99

0.00

357

40

9,744,894.42

0.87

5.951

712

243,622

79.82

73.66

358

1,041

259,867,170.15

23.19

5.842

725

249,632

84.44

64.84

359

1,514

391,226,403.03

34.91

5.699

728

258,406

82.59

63.76

360

1,466

384,265,593.53

34.29

5.747

728

262,118

81.76

66.01

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



MONTHS TO NEXT RATE ADJ

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

1

18

7,793,684.06

0.70

5.146

748

432,982

72.01

89.75

2

2

525,417.70

0.05

5.375

685

262,709

43.75

100.00

3

12

2,312,500.64

0.21

6.000

725

192,708

62.36

50.64

4

406

27,224,568.66

2.43

6.569

725

67,056

40.78

83.18

5

386

22,906,095.42

2.04

7.005

728

59,342

27.54

89.23

6

332

17,870,523.86

1.59

7.154

728

53,827

28.53

94.49

7

3

130,100.00

0.01

7.006

766

43,367

13.10

100.00

32

1

229,999.12

0.02

6.625

0

229,999

79.99

0.00

33

9

2,275,700.00

0.20

5.907

692

252,856

77.36

100.00

34

206

47,955,861.42

4.28

5.658

728

232,795

78.66

62.20

35

141

36,776,500.00

3.28

5.495

728

260,826

78.87

58.29

36

139

38,198,200.00

3.41

5.614

718

274,807

76.63

66.15

37

1

140,000.00

0.01

6.125

734

140,000

80.00

100.00

57

29

7,211,194.42

0.64

5.928

718

248,662

80.17

65.90

58

735

182,366,042.78

16.27

5.860

725

248,117

86.50

66.19

59

1,066

257,663,681.08

22.99

5.726

726

241,711

84.46

62.95

60

991

250,042,951.55

22.31

5.780

729

252,314

83.87

65.46

61

12

2,460,650.00

0.22

5.732

743

205,054

77.19

68.00

79

1

170,935.73

0.02

5.625

688

170,936

58.97

0.00

81

1

150,000.00

0.01

6.625

730

150,000

100.00

100.00

82

91

27,194,565.95

2.43

5.946

727

298,841

81.26

66.08

83

301

95,701,169.14

8.54

5.690

732

317,944

78.97

68.34

84

318

91,682,041.98

8.18

5.714

731

288,308

78.26

67.46

85

4

1,615,750.00

0.14

5.602

705

403,938

79.81

65.29

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



RATE ADJ FREQ

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

1

18

7,970,684.06

0.71

5.211

745

442,816

69.80

89.97

6

5,187

1,112,627,449.45

99.29

5.819

727

214,503

79.63

66.51

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



NEXT RATE CHANGE DATE

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

9/1/2005

18

7,793,684.06

0.70

5.146

748

432,982

72.01

89.75

10/1/2005

2

525,417.70

0.05

5.375

685

262,709

43.75

100.00

11/1/2005

12

2,312,500.64

0.21

6.000

725

192,708

62.36

50.64

12/1/2005

406

27,224,568.66

2.43

6.569

725

67,056

40.78

83.18

1/1/2006

386

22,906,095.42

2.04

7.005

728

59,342

27.54

89.23

2/1/2006

332

17,870,523.86

1.59

7.154

728

53,827

28.53

94.49

3/1/2006

3

130,100.00

0.01

7.006

766

43,367

13.10

100.00

4/1/2008

1

229,999.12

0.02

6.625

0

229,999

79.99

0.00

5/1/2008

9

2,275,700.00

0.20

5.907

692

252,856

77.36

100.00

6/1/2008

206

47,955,861.42

4.28

5.658

728

232,795

78.66

62.20

7/1/2008

141

36,776,500.00

3.28

5.495

728

260,826

78.87

58.29

8/1/2008

139

38,198,200.00

3.41

5.614

718

274,807

76.63

66.15

9/1/2008

1

140,000.00

0.01

6.125

734

140,000

80.00

100.00

5/1/2010

29

7,211,194.42

0.64

5.928

718

248,662

80.17

65.90

6/1/2010

735

182,366,042.78

16.27

5.860

725

248,117

86.50

66.19

7/1/2010

1,066

257,663,681.08

22.99

5.726

726

241,711

84.46

62.95

8/1/2010

991

250,042,951.55

22.31

5.780

729

252,314

83.87

65.46

9/1/2010

12

2,460,650.00

0.22

5.732

743

205,054

77.19

68.00

3/1/2012

1

170,935.73

0.02

5.625

688

170,936

58.97

0.00

5/1/2012

1

150,000.00

0.01

6.625

730

150,000

100.00

100.00

6/1/2012

91

27,194,565.95

2.43

5.946

727

298,841

81.26

66.08

7/1/2012

301

95,701,169.14

8.54

5.690

732

317,944

78.97

68.34

8/1/2012

318

91,682,041.98

8.18

5.714

731

288,308

78.26

67.46

9/1/2012

4

1,615,750.00

0.14

5.602

705

403,938

79.81

65.29

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



LIEN POSITION

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

FIRST LIEN

4,125

1,070,751,403.51

95.55

5.742

727

259,576

82.49

65.51

SECOND LIEN (1)

527

25,326,342.71

2.26

7.333

728

48,058

16.96

89.95

SECOND LIEN (2)

553

24,520,387.29

2.19

7.413

724

44,341

16.60

93.49

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67

(1) All of the second lien mortgage loans HomeBanc originates are “piggyback” second liens to a first lien mortgage loan that was originated simultaneously. This bucket represents the population of second lien mortgage loans that have a corresponding first lien mortgage loan in the transaction.

(2)This bucket represents the population of second liens which do not have the corresponding first lien in this transaction.



ORIGINAL LTV/CLTV

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

LTV (FIRST LIEN)

4,125

1,070,751,403.51

95.55

5.742

727

259,576

82.49

65.51

0.00 - 30.00

17

3,580,275.00

0.32

5.500

756

210,604

25.40

51.72

30.01 - 40.00

14

3,916,700.00

0.35

5.530

748

279,764

36.26

46.08

40.01 - 50.00

62

16,979,437.07

1.52

5.547

741

273,862

44.56

60.87

50.01 - 55.00

39

9,875,288.96

0.88

5.455

738

253,213

53.26

51.86

55.01 - 60.00

76

24,232,639.06

2.16

5.425

752

318,851

57.53

61.24

60.01 - 65.00

102

37,917,882.58

3.38

5.478

730

371,744

62.95

54.32

65.01 - 70.00

107

43,877,305.39

3.92

5.450

740

410,068

68.05

62.71

70.01 - 75.00

228

88,561,646.11

7.90

5.644

731

388,428

73.43

65.72

75.01 - 80.00

1,887

475,750,779.36

42.46

5.569

727

252,120

79.58

73.89

80.01 - 85.00

21

4,248,709.17

0.38

5.626

710

202,319

83.04

79.38

85.01 - 90.00

199

49,129,087.79

4.38

5.951

711

246,880

89.60

50.04

90.01 - 95.00

251

56,660,623.65

5.06

6.009

706

225,740

94.35

59.83

95.01 +

1,122

256,021,029.37

22.85

6.149

729

228,183

99.91

57.74

CLTV (SECOND LIEN

1,080

49,846,730.00

4.45

7.372

726

46,154

16.78

91.69

0.00 -   75.00

5

524,600.00

0.05

7.219

757

104,920

20.23

100.00

75.01 -  80.00

5

679,738.54

0.06

7.254

713

135,948

10.04

84.58

80.01 -  85.00

22

631,026.27

0.06

6.863

736

28,683

7.78

94.37

85.01 -  90.00

360

11,839,598.98

1.06

7.154

736

32,888

11.43

78.66

90.01 -  95.00

190

8,078,619.00

0.72

7.300

724

42,519

14.85

95.67

95.01 -  100.00

485

27,400,197.21

2.45

7.495

723

56,495

19.89

95.89

100.01 +

13

692,950.00

0.06

7.786

698

53,304

20.02

100.00

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



FICO SCORE

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

   0 -    0

26

7,070,549.12

0.63

6.062

0

271,944

82.85

70.96

 600 -  619

2

475,500.00

0.04

5.331

614

237,750

91.11

100.00

 620 -  639

47

12,748,931.89

1.14

5.617

630

271,254

85.70

100.00

 640 -  659

217

47,667,065.41

4.25

5.867

652

219,664

78.08

84.84

 660 -  679

498

87,645,450.16

7.82

5.998

670

175,995

73.15

76.80

 680 -  699

751

164,506,491.27

14.68

5.962

690

219,050

83.29

64.29

 700 -  719

815

181,988,399.85

16.24

5.864

709

223,299

82.62

63.77

 720 -  739

753

165,814,397.78

14.80

5.779

730

220,205

80.80

62.77

 740 -  759

740

156,847,419.65

14.00

5.757

749

211,956

79.54

63.36

 760 -  779

684

154,095,469.41

13.75

5.702

769

225,286

77.31

63.98

 780 -  799

495

105,532,881.66

9.42

5.681

789

213,198

76.62

67.63

 800 -  819

176

36,105,577.31

3.22

5.685

806

205,145

74.60

71.87

 820 -  839

1

100,000.00

0.01

4.875

821

100,000

23.87

0.00

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



DOCUMENTATION

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

Full/Alternative

3,752

747,157,374.94

66.67

5.749

726

199,136

78.07

100.00

No Documentation

104

19,957,779.16

1.78

6.745

719

191,902

78.99

0.00

No Ratio

73

18,809,566.30

1.68

6.224

719

257,665

76.98

0.00

Stated Income/Full Asset

1,163

299,764,046.31

26.75

5.896

734

257,751

83.84

0.00

Stated/Stated

52

15,171,044.48

1.35

6.010

699

291,751

78.71

0.00

Streamline

61

19,738,322.32

1.76

5.569

733

323,579

74.92

0.00

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



OCCUPANCY

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

Investor

694

102,085,935.78

9.11

6.074

735

147,098

75.76

61.30

Owner Occupied

3,957

873,121,824.34

77.92

5.768

726

220,652

79.36

69.95

Second Home

554

145,390,373.39

12.97

5.910

734

262,437

83.43

50.81

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



PROPERTY TYPE

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

2-4 Family

49

9,006,100.00

0.80

6.182

733

183,798

75.28

38.40

Condominium

950

175,223,700.73

15.64

5.914

732

184,446

81.20

60.64

PUD  

2,470

561,243,521.84

50.08

5.803

726

227,224

79.97

66.95

Single Family

1,689

367,129,437.95

32.76

5.777

728

217,365

78.23

69.53

Townhouse

47

7,995,372.99

0.71

5.754

728

170,114

80.95

80.19

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



PURPOSE

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

Cash OutRefinance

460

142,208,266.43

12.69

5.562

720

309,148

73.44

72.15

Other

1

70,650.00

0.01

6.875

790

70,650

20

100

Purchase

4,098

812,025,062.15

72.46

5.917

729

198,152

82.08

65.99

Rate/TermRefinance

646

166,294,154.93

14.84

5.53

725

257,421

72.55

65.33

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



STATE

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

ALABAMA

11

2,589,939.28

0.23

5.977

741

235,449

90.76

62.54

COLORADO

3

1,267,000.00

0.11

5.581

741

422,333

67.90

70.40

FLORIDA

2,622

649,053,521.57

57.92

5.842

729

247,541

78.28

61.12

GEORGIA

2,172

398,971,066.35

35.60

5.784

725

183,688

81.44

73.69

NORTH CAROLINA

351

58,363,174.34

5.21

5.736

729

166,277

80.30

78.83

SOUTH CAROLINA

36

8,647,695.20

0.77

5.647

710

240,214

80.88

78.90

TENNESSE

10

1,705,736.77

0.15

5.746

739

170,574

87.39

63.71

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



DEBT TO INCOME

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVERAGE CURRENT GROSS COUPON

WEIGHTED AVERAGE FICO SCORE

AVERAGE CURRENT BALANCE

WEIGHTED AVERAGE LOAN TO VALUE

PERCENT FULL DOC

 0.00 - 10.00

517

82,651,860.39

7.38

6.184

734

159,868

68.44

36.84

10.01 - 15.00

441

73,075,855.50

6.52

5.854

740

165,705

69.67

58.57

15.01 - 20.00

488

93,392,875.20

8.33

5.809

739

191,379

74.23

58.85

20.01 - 25.00

614

139,676,227.36

12.46

5.762

738

227,486

76.61

68.55

25.01 - 30.00

686

162,479,150.31

14.50

5.746

729

236,850

79.81

67.37

30.01 - 35.00

813

194,732,310.37

17.38

5.716

723

239,523

81.38

70.28

35.01 - 40.00

804

182,609,210.59

16.30

5.828

721

227,126

84.85

72.25

40.01 - 45.00

677

151,621,557.24

13.53

5.833

714

223,961

86.21

74.67

45.01 - 50.00

131

31,375,600.97

2.80

5.850

718

239,508

85.06

79.29

50.01 - 55.00

20

4,351,785.58

0.39

5.660

719

217,589

81.38

92.50

55.01 - 60.00

6

1,847,750.00

0.16

5.888

719

307,958

87.61

63.73

60.01 - 65.00

1

174,900.00

0.02

6.375

815

174,900

69.99

100.00

65.01 - 70.00

3

967,600.00

0.09

5.707

752

322,533

93.89

0.00

70.01 +

4

1,641,450.00

0.15

5.012

746

410,363

67.23

90.16

TOTAL

5,205

1,120,598,133.51

100.00

5.814

727

215,293

79.56

66.67



LTV
         MI COMPANY
               MI PCT

NUMBER OF MORTGAGE LOANS

TOTAL CURRENT BALANCE

PERCENT OF OVERALL CURRENT BALANCE

WEIGHTED AVG LOAN TO VALUE

WEIGHTED AVG COMBO LTV

WEIGHTED AVG EFFECTIVE LTV

  80.01 -   85.00%

21

4248709.17

1.16

83.04

83.77

71.37

          GE                  

6

1431000.00

0.39

84.10

84.10

73.74

     6.00%

2

392000.00

0.11

83.28

83.28

77.28

     12.00%

4

1039000.00

0.28

84.40

84.40

72.40

          LPMI                

7

1174959.17

0.32

82.27

84.92

70.60

     0.00%

1

152000.00

0.04

81.72

102.15

81.72

     6.00%

1

160429.17

0.04

82.36

82.36

76.36

     12.00%

3

462530.00

0.13

82.50

82.50

70.50

     18.00%

2

400000.00

0.11

82.18

82.18

64.18

        MGIC                

3

601950.00

0.16

82.00

82.00

62.81

     12.00%

2

269050.00

0.07

84.21

84.21

72.21

     25.00%

1

332900.00

0.09

80.22

80.22

55.22

         No MI               

1

250000.00

0.07

80.14

80.14

80.14

     0.00%

1

250000.00

0.07

80.14

80.14

80.14

          Republic            

4

790800.00

0.22

83.98

83.98

71.98

     12.00%

4

790800.00

0.22

83.98

83.98

71.98

  85.01 -   90.00%

199

49129087.79

13.42

89.60

89.64

67.55

          GE                  

119

29070077.84

7.94

89.51

89.56

67.87

     18.00%

52

14323691.02

3.91

89.36

89.36

71.36

     25.00%

65

14204886.82

3.88

89.65

89.74

64.65

     30.00%

2

541500.00

0.15

90.00

89.99

60.00

          LPMI                

61

16666851.42

4.55

89.67

89.73

67.50

     18.00%

26

7083923.18

1.94

89.60

89.60

71.60

     25.00%

33

9097880.15

2.49

89.70

89.82

64.70

     30.00%

2

485048.09

0.13

89.99

89.99

59.99

          MGIC                

5

1030958.53

0.28

89.95

89.95

64.03

     25.00%

4

839958.53

0.23

89.95

89.95

64.95

     30.00%

1

191000.00

0.05

89.98

89.98

59.98

          Republic            

14

2361200.00

0.65

89.94

89.94

65.50

     12.00%

1

101500.00

0.03

89.82

89.82

77.82

     25.00%

13

2259700.00

0.62

89.95

89.95

64.95

  90.01 -   95.00%

251

56660623.65

15.48

94.35

94.47

68.95

          GE                  

137

31494944.46

8.60

94.17

94.38

69.44

     20.00%

1

90250.00

0.02

95.00

95.00

75.00

     22.00%

83

20726679.57

5.66

93.92

94.23

71.92

     30.00%

52

10520414.89

2.87

94.66

94.65

64.66

     35.00%

1

157600.00

0.04

95.00

95.00

60.00

          LPMI                

76

17526829.19

4.79

94.53

94.53

69.93

     0.00%

1

454000.00

0.12

95.00

95.00

95.00

     22.00%

39

10091830.00

2.76

94.34

94.34

72.34

     25.00%

2

282350.00

0.08

94.78

94.78

69.78

     30.00%

33

6461149.19

1.77

94.78

94.78

64.78

     35.00%

1

237500.00

0.06

95.00

95.00

60.00

          MGIC                

17

3545750.00

0.97

94.41

94.41

64.41

     30.00%

17

3545750.00

0.97

94.41

94.41

64.41

          Republic            

21

4093100.00

1.12

94.90

94.90

64.90

     30.00%

21

4093100.00

1.12

94.90

94.90

64.90

  95.01 -  100.00%

1,122

256021029.37

69.94

99.91

99.93

74.91

          GE                  

763

176638399.14

48.25

99.90

99.93

74.90

     25.00%

763

176638399.14

48.25

99.90

99.93

74.90

          LPMI                

359

79382630.23

21.69

99.92

99.92

74.92

     25.00%

359

79382630.23

21.69

99.92

99.92

74.92

TOTAL

1,593

366059449.98

100.00

97.47

97.51

72.96


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Bear, Stearns & Co. Inc. ARM Whole Loan Desk (212) 272-4976                                                       August 24, 2005

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