-----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, HLtK+CTmmY4Qb9vxD3i9Lkoo4MfNfv/20Xwo8uuTzB+BWB7VyHMR1hsjtIsbbhWz HygyqJ9g6E5EnCGbrVyfLA== 0000950116-05-002912.txt : 20050829 0000950116-05-002912.hdr.sgml : 20050829 20050829160350 ACCESSION NUMBER: 0000950116-05-002912 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050825 ITEM INFORMATION: Other Events FILED AS OF DATE: 20050829 DATE AS OF CHANGE: 20050829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-3 CENTRAL INDEX KEY: 0001330509 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-115371-06 FILM NUMBER: 051055567 BUSINESS ADDRESS: STREET 1: 103 SPRINGER BLDG STREET 2: 3411 SILVERSIDE ROAD CITY: WILMINGTON STATE: DE ZIP: 19803 BUSINESS PHONE: 3024786160 MAIL ADDRESS: STREET 1: 103 SPRINGER BLDG STREET 2: 3411 SILVERSIDE ROAD CITY: WILMINGTON STATE: DE ZIP: 19810 8-K 1 eight-k.txt EIGHT-K.TXT 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 -August 25, 2005 --------------------------------- (Date of Earliest Event Reported) POPULAR ABS, INC. ------------------------------------------------------------------------- (as depositor under a certain Pooling and Servicing Agreement dated as of June 1, 2005, providing for the issuance of Mortgage Pass-Through Certificates, Series 2005-3) (Exact Name of Registrant as specified in its charter)
Delaware 333-115371-06 52-2029487 - ------------------------ --------------------- ----------------------- (State of Incorporation) (Commission File No.) (IRS Employer I.D. No.)
103 Springer Building, 3411 Silverside Road, Wilmington, Delaware 19803 (Address of principal executive offices) Registrant's telephone number, including area code: (302) 478-6160 Item 8.01. Other Events. Attached hereto as Annex A is a copy of the Statement to Certificateholders sent to Class AF-1, AF-2, AF-3, AF-4, AF-5, AF-6, AV-1A, AV-1B, AV-2, M-1, M-2, M-3, M-4, M-5 and M-6 Certificateholders with respect to the August 25, 2005 Distribution Date. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. POPULAR ABS, INC. By: /s/ James H. Jenkins -------------------------------- James H. Jenkins, Executive Vice President and CFO Dated: August 25, 2005 3 Page 1 of 9 POPULAR ABS MORTGAGE PASS-THROUGH TRUST 2005-3 STATEMENT TO CERTIFICATEHOLDERS AUGUST 25, 2005
DISTRIBUTION IN DOLLARS - ------------------------------------------------------------------------------------------------------------------------------------ CLASS ORIGINAL BEGINNING PRINCIPAL INTEREST TOTAL REALIZED DEFERRED ENDING FACE VALUE PRINCIPAL LOSSES INTEREST PRINCIPAL BALANCE BALANCE - ------------------------------------------------------------------------------------------------------------------------------------ AF1 157,240,000.00 153,960,131.57 5,433,385.91 471,973.34 5,905,359.25 0.00 0.00 148,526,745.66 AF2 24,290,000.00 24,290,000.00 0.00 87,686.90 87,686.90 0.00 0.00 24,290,000.00 AF3 51,560,000.00 51,560,000.00 0.00 190,643.10 190,643.10 0.00 0.00 51,560,000.00 AF4 26,090,000.00 26,090,000.00 0.00 103,838.20 103,838.20 0.00 0.00 26,090,000.00 AF5 7,360,000.00 7,360,000.00 0.00 31,635.73 31,635.73 0.00 0.00 7,360,000.00 AF6 29,620,000.00 29,620,000.00 0.00 117,467.98 117,467.98 0.00 0.00 29,620,000.00 AV1A 97,540,000.00 95,099,842.12 1,674,376.84 300,541.92 1,974,918.76 0.00 0.00 93,425,465.28 AV1B 24,390,000.00 23,779,835.45 418,680.04 76,174.74 494,854.78 0.00 0.00 23,361,155.41 AV2 100,000,000.00 97,818,332.90 1,516,029.84 315,029.38 1,831,059.22 0.00 0.00 96,302,303.06 M1 45,620,000.00 45,620,000.00 0.00 194,075.08 194,075.08 0.00 0.00 45,620,000.00 M2 35,520,000.00 35,520,000.00 0.00 155,400.00 155,400.00 0.00 0.00 35,520,000.00 M3 10,430,000.00 10,430,000.00 0.00 45,631.25 45,631.25 0.00 0.00 10,430,000.00 M4 9,120,000.00 9,120,000.00 0.00 39,900.00 39,900.00 0.00 0.00 9,120,000.00 M5 7,820,000.00 7,820,000.00 0.00 34,212.50 34,212.50 0.00 0.00 7,820,000.00 M6 7,170,000.00 7,170,000.00 0.00 31,368.75 31,368.75 0.00 0.00 7,170,000.00 B1 4,890,000.00 4,890,000.00 0.00 25,096.57 25,096.57 0.00 0.00 4,890,000.00 B2 6,520,000.00 6,520,000.00 0.00 33,462.09 33,462.09 0.00 0.00 6,520,000.00 B3 6,503,000.00 6,503,000.00 0.00 33,374.84 33,374.84 0.00 0.00 6,503,000.00 - ------------------------------------------------------------------------------------------------------------------------------------ TOTALS 651,683,000.00 643,171,142.04 9,042,472.63 2,287,512.37 11,329,985.00 0.00 0.00 634,128,669.41 ==================================================================================================================================== - ------------------------------------------------------------------------------------------------------------------------------------ X 651,683,229.00 644,184,184.88 0.00 21.91 21.91 0.00 0.00 636,192,300.18 - ------------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES - ------------------------------------------------------------------------------------------------------------ ---------------------- CLASS CUSIP BEGINNING PRINCIPAL INTEREST TOTAL ENDING CLASS CURRENT PASS- PRINCIPAL PRINCIPAL THRU RATE - ------------------------------------------------------------------------------------------------------------ ---------------------- AF1 73316PDK3 979.14100464 34.55473105 3.00161117 37.55634222 944.58627359 AF1 3.560000 % AF2 73316PDL1 1,000.00000000 0.00000000 3.61000000 3.61000000 1,000.00000000 AF2 4.332000 % AF3 73316PDM9 1,000.00000000 0.00000000 3.69750000 3.69750000 1,000.00000000 AF3 4.437000 % AF4 73316PDN7 1,000.00000000 0.00000000 3.98000000 3.98000000 1,000.00000000 AF4 4.776000 % AF5 73316PDP2 1,000.00000000 0.00000000 4.29833288 4.29833288 1,000.00000000 AF5 5.158000 % AF6 73316PDQ0 1,000.00000000 0.00000000 3.96583322 3.96583322 1,000.00000000 AF6 4.759000 % AV1A 73316PDY3 974.98300308 17.16605331 3.08121714 20.24727045 957.81694976 AV1A 3.670000 % AV1B 73316PDZ0 974.98300328 17.16605330 3.12319557 20.28924887 957.81694998 AV1B 3.720000 % AV2 73316PDR8 978.18332900 15.16029840 3.15029380 18.31059220 963.02303060 AV2 3.740000 % M1 73316PDS6 1,000.00000000 0.00000000 4.25416659 4.25416659 1,000.00000000 M1 5.105000 % M2 73316PDT4 1,000.00000000 0.00000000 4.37500000 4.37500000 1,000.00000000 M2 5.250000 % M3 73316PDU1 1,000.00000000 0.00000000 4.37500000 4.37500000 1,000.00000000 M3 5.250000 % M4 73316PDV9 1,000.00000000 0.00000000 4.37500000 4.37500000 1,000.00000000 M4 5.250000 % M5 73316PDW7 1,000.00000000 0.00000000 4.37500000 4.37500000 1,000.00000000 M5 5.250000 % M6 73316PDX5 1,000.00000000 0.00000000 4.37500000 4.37500000 1,000.00000000 M6 5.250000 % B1 73316PEA4 1,000.00000000 0.00000000 5.13222290 5.13222290 1,000.00000000 B1 5.960000 % B2 73316PEB2 1,000.00000000 0.00000000 5.13222239 5.13222239 1,000.00000000 B2 5.960000 % B3 73316PEC0 1,000.00000000 0.00000000 5.13222205 5.13222205 1,000.00000000 B3 5.960000 % - ------------------------------------------------------------------------------------------------------------ ---------------------- TOTALS 986.93865275 13.87556930 3.51016118 17.38573049 973.06308345 ============================================================================================================ ====================== - ------------------------------------------------------------------------------------------------------------ ---------------------- X N/A 988.49280788 0.00000000 0.00003362 0.00003362 976.22935787 X 0.000000 % - ------------------------------------------------------------------------------------------------------------ ----------------------
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Sec. 4.03(a)(i) Funds Allocable to Certificate Principal Group I Scheduled Principal 431,673.39 Group I Curtailments 27,379.27 Group I Prepayments 4,343,062.37 Group I Repurchases 0.00 Group I Liquidation Proceeds 0.00 Group II-A Scheduled Principal 107,151.19 Group II-A Curtailments -552.88 Group II-A Prepayments 1,743,279.48 Group II-A Repurchases 0.00 Group II-A Liquidation Proceeds 0.00 Group II-B Scheduled Principal 90,518.85 Group II-B Curtailments 5,199.94 Group II-B Prepayments 1,244,173.09 Group II-B Repurchases 0.00 Group II-B Liquidation Proceeds 0.00 Extra Principal Distribution Amount 1,050,587.93 Sec. 4.03 (a)(ii) Interest Distribution Amounts Interest Distribution - AF-1 471,973.34 Unpaid Interest - AF-1 0.00 Remaining Unpaid Interest - AF-1 0.00 Interest Distribution - AF-2 87,686.90 Unpaid Interest - AF-2 0.00 Remaining Unpaid Interest - AF-2 0.00 Interest Distribution - AF-3 190,643.10 Unpaid Interest - AF-3 0.00 Remaining Unpaid Interest - AF-3 0.00 Interest Distribution - AF-4 103,838.20 Unpaid Interest - AF-4 0.00 Remaining Unpaid Interest - AF-4 0.00 Interest Distribution - AF-5 31,635.73 Unpaid Interest - AF-5 0.00 Remaining Unpaid Interest - AF-5 0.00 Interest Distribution - AF-6 117,467.98 Unpaid Interest - AF-6 0.00 Remaining Unpaid Interest - AF-6 0.00
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Interest Distribution - AV-1A 300,541.92 Unpaid Interest - AV-1A 0.00 Remaining Unpaid Interest - AV-1A 0.00 Interest Distribution - AV-1B 76,174.74 Unpaid Interest - AV-1B 0.00 Remaining Unpaid Interest - AV-1B 0.00 Interest Distribution - AV-2 315,029.38 Unpaid Interest - AV-2 0.00 Remaining Unpaid Interest - AV-2 0.00 Interest Distribution - M-1 194,075.08 Unpaid Interest - M-1 0.00 Remaining Unpaid Interest - M-1 0.00 Interest Distribution - M-2 155,400.00 Unpaid Interest - M-2 0.00 Remaining Unpaid Interest - M-2 0.00 Interest Distribution - M-3 45,631.25 Unpaid Interest - M-3 0.00 Remaining Unpaid Interest - M-3 0.00 Interest Distribution - M-4 39,900.00 Unpaid Interest - M-4 0.00 Remaining Unpaid Interest - M-4 0.00 Interest Distribution - M-5 34,212.50 Unpaid Interest - M-5 0.00 Remaining Unpaid Interest - M-5 0.00 Interest Distribution - M-6 31,368.75 Unpaid Interest - M-6 0.00 Remaining Unpaid Interest - M-6 0.00 Interest Distribution - B-1 25,096.57 Unpaid Interest - B-1 0.00 Remaining Unpaid Interest - B-1 0.00 Interest Distribution - B-2 33,462.09 Unpaid Interest - B-2 0.00 Remaining Unpaid Interest - B-2 0.00 Interest Distribution - B-3 33,374.84 Unpaid Interest - B-3 0.00 Remaining Unpaid Interest - B-3 0.00
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Interest Reductions Net Prepayment Interest Shortfalls 0.00 Relief Act Reductions 0.00 Class AF-1 Interest Reduction 0.00 Class AF-2 Interest Reduction 0.00 Class AF-3 Interest Reduction 0.00 Class AF-5 Interest Reduction 0.00 Class AF-4 Interest Reduction 0.00 Class AF-6 Interest Reduction 0.00 Class AV-1A Interest Reduction 0.00 Class AV-1B Interest Reduction 0.00 Class AV-2 Interest Reduction 0.00 Class M-1 Interest Reduction 0.00 Class M-2 Interest Reduction 0.00 Class M-3 Interest Reduction 0.00 Class M-4 Interest Reduction 0.00 Class M-5 Interest Reduction 0.00 Class M-6 Interest Reduction 0.00 Class B-1 Interest Reduction 0.00 Class B-2 Interest Reduction 0.00 Class B-3 Interest Reduction 0.00 Sec. 4.03(a)(iii) Available Funds Shortfall Class AF-1 Available Funds Shortfall 0.00 Class AF-2 Available Funds Shortfall 0.00 Class AF-3 Available Funds Shortfall 0.00 Class AF-4 Available Funds Shortfall 0.00 Class AF-5 Available Funds Shortfall 0.00 Class AF-6 Available Funds Shortfall 0.00 Class AV-1A Available Funds Shortfall 0.00 Class AV-1B Available Funds Shortfall 0.00 Class AV-2 Available Funds Shortfall 0.00 Class M-1 Available Funds Shortfall 0.00 Class M-2 Available Funds Shortfall 0.00 Class M-3 Available Funds Shortfall 0.00 Class M-4 Available Funds Shortfall 0.00 Class M-5 Available Funds Shortfall 0.00 Class M-6 Available Funds Shortfall 0.00 Class B-1 Available Funds Shortfall 0.00 Class B-2 Available Funds Shortfall 0.00 Class B-3 Available Funds Shortfall 0.00
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Sec. 4.03(a)(v) Pool Principal Balances Group I Beginning Pool Balance 426,856,304.55 Group I Ending Pool Balance 422,054,189.52 Group II-A Beginning Pool Balance 119,249,913.80 Group II-A Ending Pool Balance 117,400,036.01 Group II-B Beginning Pool Balance 98,077,966.53 Group II-B Ending Pool Balance 96,738,074.65 Total Beginning Pool Balance 644,184,184.88 Total Ending Pool Balance 636,192,300.18 Sec. 4.03(a)(vi) Servicing Fee Group I Servicing Fee 177,856.79 Group II-A Servicing Fee 49,687.46 Group II-B Servicing Fee 40,865.82 Sec. 4.03(a)(viii) Delinquency Advances Group I Delinquency Advances Included in Current Distribution 0.00 Group I Recouped Advances Included in Current Distribution 111,226.41 Group I Recouped Advances From Liquidations 0.00 Group I Aggregate Amount of Advances Outstanding 1,222.58 Group II-A Delinquency Advances Included in Current Distribution 4,938.22 Group II-A Recouped Advances Included in Current Distribution 0.00 Group II-A Recouped Advances From Liquidations 0.00 Group II-A Aggregate Amount of Advances Outstanding 26,538.63 Group II-B Delinquency Advances Included in Current Distribution 0.00 Group II-B Recouped Advances Included in Current Distribution 6,781.94 Group II-B Recouped Advances From Liquidations 0.00 Group II-B Aggregate Amount of Advances Outstanding 2,599.72
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Section 4.03(a)(ix) A Group I,Group II-A, and Group II-B Loans Delinquent
Delinquency by Group Group 1
Period Number Principal Balance Percentage - ----------- ------ ----------------- ---------- 0-30 days 114 21,619,003.00 5.12 % 31-60 days 5 677,128.30 0.16 % 61-90 days 1 107,780.40 0.03 % 91+days 0 0.00 0.00 % - ----------- ------ ----------------- ---------- Total 120 22,403,911.70 5.31 % =========== ====== ================= ==========
Delinquency by Group Group 2
Period Number Principal Balance Percentage - ----------- ------ ----------------- ---------- 0-30 days 45 6,499,058.90 5.54 % 31-60 days 2 218,426.63 0.19 % 61-90 days 0 0.00 0.00 % 91+days 0 0.00 0.00 % - ----------- ------ ----------------- ---------- Total 47 6,717,485.53 5.72 % =========== ====== ================= ==========
Delinquency by Group Group 3
Period Number Principal Balance Percentage - ----------- ------ ----------------- ---------- 0-30 days 24 4,991,258.00 5.16 % 31-60 days 2 344,282.10 0.36 % 61-90 days 0 0.00 0.00 % 91+days 0 0.00 0.00 % - ----------- ------ ----------------- ---------- Total 26 5,335,540.10 5.52 % =========== ====== ================= ========== Sec. 4.03 (a)(ix) B Group I,Group II-A, and Group II-B Loans in Foreclosure
Foreclosure by Group
Group Number of Principal Balance Percentage Number Loans - ----------- ------ ----------------- ---------- 1 0 0.00 0.00% 2 0 0.00 0.00% 3 0 0.00 0.00%
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Sec. 4.03(a)(x),(xi) Group I,Group II-A, and Group II-B Loans in REO
REO by Group
Group Number of Principal Balance Percentage Number Loans - ------ --------- ----------------- ---------- 1 0 0.00 0.00% 2 0 0.00 0.00% 3 0 0.00 0.00%
Market Value of Group I REO Loans 0.00 Market Value of Group II-A REO Loans 0.00 Market Value of Group II-B REO Loans 0.00 Sec. 4.03(a)(xii) Aggregate Stated Principal Balance of the Three Largest Loans Group I Three Largest Loans 1,865,061.50 Group II-A Three Largest Loans 1,221,239.76 Group II-B Three Largest Loans 1,988,189.52 Sec. 4.03(a)(xiii) Net WAC Cap Carryover Class AF-1 Net WAC Cap Carryover Amounts Due 0.00 Class AF-1 Net WAC Cap Carryover Amounts Paid 0.00 Class AF-1 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-1A Net WAC Cap Carryover Amounts Due 0.00 Class AV-1A Net WAC Cap Carryover Amounts Paid 0.00 Class AV-1A Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-1B Net WAC Cap Carryover Amounts Due 0.00 Class AV-1B Net WAC Cap Carryover Amounts Paid 0.00 Class AV-1B Net WAC Cap Carryover Remaining Amounts Due 0.00 Class AV-2 Net WAC Cap Carryover Amounts Due 0.00 Class AV-2 Net WAC Cap Carryover Amounts Paid 0.00 Class AV-2 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class B-1 Net WAC Cap Carryover Amounts Due 0.00 Class B-1 Net WAC Cap Carryover Amounts Paid 0.00 Class B-1 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class B-2 Net WAC Cap Carryover Amounts Due 0.00 Class B-2 Net WAC Cap Carryover Amounts Paid 0.00 Class B-2 Net WAC Cap Carryover Remaining Amounts Due 0.00 Class B-3 Net WAC Cap Carryover Amounts Due 0.00 Class B-3 Net WAC Cap Carryover Amounts Paid 0.00 Class B-3 Net WAC Cap Carryover Remaining Amounts Due 0.00
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Sec. 4.03(a)(xiv) Aggregate Principal Balance of Balloon Loans with Original Terms <= 36 Months and 60+ Contractually Past Due Group I Aggregate Principal Balance of Balloon Loans 0.00 Group II-A Aggregate Principal Balance of Balloon Loans 0.00 Group II-B Aggregate Principal Balance of Balloon Loans 0.00 Sec. 4.03 (a)(xv), Realized Losses (xxii) Group I Current Period Realized Losses 0.00 Group I Cumulative Realized Losses 0.00 Group II-A Current Period Realized Losses 0.00 Group II-A Cumulative Realized Losses 0.00 Group II-B Current Period Realized Losses 0.00 Group II-B Cumulative Realized Losses 0.00 Sec. 4.03 (a)(xvi) Reserve Fund Beginning Balance of Reserve Fund 0.00 Funds Withdrawn From Reserve Fund For Distribution 0.00 Funds Deposited to Reserve Fund 0.00 Ending Balance of Reserve Fund 0.00 Sec. 4.03 (a)(xvii) Number of Loans Repurchased Group I Number of Loans Repurchased 0.00 Group II-A Number of Loans Repurchased 0.00 Group II-B Number of Loans Repurchased 0.00
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Sec. 4.03 (a)(xviii) Weighted Average Mortgage Rate of Outstanding Loans (as of first day of related Due Period) Group I Weighted Average Mortgage Rate 6.76% Group II-A Weighted Average Mortgage Rate 6.76% Group II-B Weighted Average Mortgage Rate 6.60% Sec. 4.03 (a)(xix) Weighted Average Remaining Term of Outstanding Loans Group I Weighted Average Remaining Term 344 Group II-A Weighted Average Remaining Term 355 Group II-B Weighted Average Remaining Term 355 Sec. 4.03 (a)(xxi), Overcollateralization Amounts (xxii),(xxiii) Overcollateralization Amount 2,063,630.77 Overcollateralization Target Amount 10,752,773.28 Overcollateralization Release Amount 0.00 Overcollateralization Deficiency Amount 8,689,142.51 Sec. 4.03 (a)(xxiv) Trigger Events Has a Trigger Event Occurred and is continuing? NO Cumulative Realized Losses as a percentage of the Original Pool Balance 0.00% Senior Enhancement Percentage 21.16% Senior Specified Enhancement Percentage 44.30% Sec. 4.03 (a)(xxv) 60+ Day Delinquent Loans 60+ Day Delinquent Loans as a percentage of the current Pool Balance 0.02% Sec. 4.03 (a)(xxvi) Amount of Funds Collected by Trustee under Yield Maintenance Agreement 0.00
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